CryptoGuru369

$ADA in Strong Downtrend - Say Hello to $0.85

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BINANCE:ADAUSDTPERP   Cardano / TetherUS PERPETUAL FUTURES
$ADA is in a strong down trend making lower highs and lower lows. We can also see a potential descending triangle formation, which is typically results in bearish continuation to the downside.

$ADA is currently sitting on support around $1.00. If support is lost here, then I'd be looking for a move down to the $0.85 support zone . If support there is lost, then I'd be looking for a move down the next strong support zone around $0.65.

If $ADA gets a bounce from here, then I'd look for a move up to the next strong resistance area around $1.20.
Comment: Descending Triangle Formation