Cardano price has extended its losses; placing the previously steady support zone of $2.0000 at an evasive level. Notably, most cryptocurrencies have erased most of their prior gains.
The leading crypto- Bitcoin – is striving to get back above the prior support level of $60,000 after dropping from the all-time high of $69,016.72 it hit in the previous week. Altcoins such as Ethereum and Ethereum Classic have exhibited a similar trend.
ADA has extended the week’s losses in Wednesday’s session. Since mid-August, the psychological 2.0000 has been a crucial support level for the altcoin. However, by plunging further on Tuesday, it is now trading considerably below this zone.
At the time of writing, Cardano price was down by 2.65% at 1.8261. Since hitting its highest level in close to two months in the past week, it has dropped by 23%.
On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the short term, I expect the prior support level of 2.0000 to be evasive. From this perspective, it will probably trade within a range of between 1.8000 and along the 25-day EMA at 1.9332.
Past the horizontal channel’s upper border, the bulls will have a good opportunity to push Cardano price back above the crucial level of 2.0000. On the flip side, bears may attempt to retest Tuesday’s low of 1.7622.
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