- Cardano price slides over 1% during Tuesday’s ASIA PAC and European trading session.
- ADA receives firm rejection at the topside against the pivotal level.
- Expect to see an allocated move if the trend line breaks down.
Cardano (ADA) price action tanked over 1% on Tuesday as the ASIA PAC and European sessions are seeing cryptocurrencies take a step back. Plenty of traders are disappointed as a Christmas rally is not unfolding while only four real trading days are left in cryptocurrencies for this year. To make matters worse, Cardano price is receiving a firm technical rejection which could see more downside should the sell-off accelerate.
Cardano traders are awaiting to close 2022 finally
Cardano price is currently at risk of scaring away its last flock of investors as it turns out that even this period of the year is no match for the risk-off sentiment that has been present for the overall part of 2022. With a constant decline in price action and a new multi-year low, bulls have almost nothing to show in overall performance for this year. As this period of the year was the last straw, with hopes of a Christmas rally, the disappointment is almost as big as receiving the one thing you want to have the least after dropping so many clues to your secret Santa.
ADA is thus set for another drop, as Cardano price received another firm rejection to the downside against the pivotal level of December 24, 2017. As bulls got rejected against $0.265, price action in ADA quickly returned in search of support from the ascending trend line. Once that breaks, expect a full return to the origination of the rally at $0.247.
ADA/USD daily chart
Cardano price could find support from bulls at that ascending trend line and see a pushback upwards. This would be the fourth test and possibly trigger a break of the total level at $0.265. Once broken, expect a bullish rally up to $0.297, flirting with $0.300 at the beginning of 2023.