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Cardano under the bearish pressure

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ADA/USD – Cardano cryptocurrency under the bearish pressure after the earlier breakout of the key support level 0.4800 (which has been reversing the price from the middle of May) intersecting with the 61.8% Fibonacci correction of the previous minor upward price correction 2 from the start of May. The breakout of the support level 0.4800 continues the active short-term impulse wave 3 of the extended downward impulse wave (3) from the end of March.

Given the strong daily downtrend and the predominantly bearish sentiment seen across the cryptocurrency markets today- Cardano cryptocurrency can be expected to fall further toward the next round support level 0.4000 (which stopped the impulse wave 1 at the start of this month).

Last Updated: May 27, 2022

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Cardano under the bearish pressure

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