ADA’s Plunge: A Tale of Woe and Fibonacci Follies 😱💸

by

Pray, observe the lamentable state of Cardano’s price, which hath tumbled below the $0.850 zone with a haste most unseemly. ADA, once so buoyant, now lingers in consolidation, threatening further losses beneath the $0.80 support. Alas, what folly hath befallen this digital coin! 💔

  • ADA’s price, with a disregard for propriety, hath fallen below the $0.850 support zone, leaving its admirers in a state of consternation.
  • It trades, quite impudently, below $0.8320 and the 100-hourly simple moving average, a clear affront to its former stature.
  • A most bearish trend line doth form, with resistance at $0.820 on the hourly chart of the ADA/USD pair (courtesy of Kraken, that bastion of financial data).
  • Should it breach the $0.820 resistance zone, a fresh increase might ensue, though such hopes seem as fleeting as a summer breeze. 🌬️

After a period of modest ascent, Cardano encountered sellers near $0.880, prompting a downturn as sudden as a scandal in high society. Like its peers, Bitcoin and Ethereum, ADA succumbed, dipping below the $0.850 and $0.8320 support levels with a lack of grace most unbecoming.

The bears, ever relentless, drove the price beneath $0.820, forming a low at $0.8003. It now consolidates its losses, though a minor increase toward the 23.6% Fib retracement level offers but a fleeting consolation. Cardano trades below $0.820 and the 100-hourly simple moving average, with a bearish trend line adding to its woes.

On the upside, resistance looms near the $0.820 zone, a barrier as formidable as a disapproving aunt. The first resistance stands at $0.8280, or the 76.4% Fib retracement level, while the next key resistance lies at $0.840, a summit as elusive as a proposal from a wealthy suitor. 💍

Should ADA close above the $0.840 resistance, a strong rally might commence, carrying it toward the $0.8620 region. Further gains could see it approach $0.880, though such prospects seem as uncertain as a gentleman’s intentions. 🧐

However, should Cardano fail to surmount the $0.840 resistance, another decline may ensue. Immediate support lies near $0.80, with the next major support at $0.780. A break below $0.780 could lead to a test of $0.7620, and the next support at $0.750, where the bulls might finally stir from their slumber. 🐂

Technical Indicators

Hourly MACD – The MACD for ADA/USD gains momentum in the bearish zone, a harbinger of further troubles. 📉

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD now resides below the 50 level, a sign of weakness most pronounced. 😓

Major Support Levels – $0.8000 and $0.7800, where ADA may find solace, or further despair. 🤞

Major Resistance Levels – $0.8200 and $0.8400, barriers as stubborn as a proud matriarch. 🚫

Read More

2025-09-01 08:33