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Technical Analysis for ADAUSDT for 18th November 2021

Cardano Disintegrating, is ADAUSDT Bound for $1.5?

Past Performance of ADA

The Cardano community is an optimistic lot--and rightly so especially considering the array of supportive fundamentals ranging from ADA pools to smart contracting capability.

Despite all this, ADA prices are limited and sliding faster than expected.

ADAUSDT cracks showed on November 10 with the bear engulfing bar, marking the end of the bullish attempt in early November.

Currently, Cardano sellers appear in control and ADA/USDT prices are on the brink of clearing a critical support line.

What to Expect of ADA

In the short-to-medium term, the path of least resistance could continue being southwards if sellers break $1.75 in the lower end, confirming losses of November 16.

However, there could be a reprieve should ADAUSDT bounce back from spot rates, rejecting lower lows as apparent in the daily chart.

Ideally, a close above $2 may put buyers back in content. If not, losses below $1.75 may pull ADA prices back to $1.5.

Cardano Technical Analysis

The ADAUSDT price is under immense selling pressure, caving in the weight of determined sellers.

As from the ADA technical analysis , the inability of buyers to plug the bleed of November 16 is worsening the situation.

Notably, the drawdown is with high trading volumes. Besides, ADA bear bars are aligning with the lower BB. These are indicators of increasing bear momentum.

If ADA slides below the 61.8 percent Fibonacci retracement of the Q3 2021 trade range at $1.75, the next stop would be at the 78.6 percent mark at $1.5.

Resistance level to watch: $2

Support level to watch: $1.75

Disclaimer: Opinions expressed are not investment advice. Do your research.

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