- The 50% Fibo is offering immediate support, besides the general trend is bearish.
- The resistance at $0.136 is a key hurdle to the upside.
Cardano price has embarked on yet another downward movement after forming a double top pattern. The current slide is approaching the support area at $1.30. The bullish trendline is offering immediate support above $1.30, Besides, the 50% Fib retracement level with the previous swing high of $0.14 and a low of $0.11 is also providing the much-needed support.
The cryptocurrency market has been highly bearish in the past few weeks and attempts to retrace higher have been rendered unsuccessful due to the rising selling pressure. In a bid encourage the crypto community, the founder of Cardano, Charles Hoskinson went on Twitter saying:
“What’s often missed by the cryptocurrency is going to die broken record media is that after the next wave of regulation, wall street is showing up to the party with all their locked up capital. That’s tens of trillions of dollars entering the space eventually. Future is bright”
In the meantime, XMR/USD is trading at $0.13, although there is a bearish trend at the moment. The stochastic is in the oversold at 23% while the moving averages gap is reducing to show that the bulls could find an entry in near-term. The resistance at $0.136 is a key hurdle although the buyers have their eyes glued on $0.140. The 50% Fibo will continue to support the price above $0.130 but $0.124 is a major support.
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