Cardano (ADA) price sees bulls leaving the scene as ADA tanks on Friday morning.
Cardano price has been predicted to collapse further in the coming days as investors start reshuffling their investments with less exposure to risk assets. Although equities got fired up in the late US session on Thursday, the sentiment was not handed over to the Asian investors this Friday morning.
With another sell-off of roughly 2% and breaking through support at $0.324 and the new monthly S1 pivot, more pain looks inevitable.
Expect ADA to recover going into the US closing bell this evening, but it is best to ignore the price action. Going into next week, another sell-off looks granted as morale has clearly been broken among bulls. The monthly S2 near $0.30 will be the next and last floor in this decline before bears try to reach $0.265 to unwind this recovery attempt fully.
If bulls can take the helm again and push price action back up though, Cardano price might be better positioned by Monday to withstand any market woes and could get a jump higher.
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