Cardano's struggle doesn’t start today. However, ADA owners are looking forward to an upside move big enough to change the cryptocurrency story. This hope keeps dimming with each passing day. Following a brief effort to break above the moving average lines early in October, ADA has been locked in a sideways pattern, ranging between $0.33 and $0.36. Now, a famous trader is warning about an impending massive crash if ADA doesn’t find support above its current levels. Here is the target.
Cardano (ADA) Price Action: A Struggle Below Moving Averages
Since early October, Cardano's price has struggled to build momentum, dipping below crucial resistance and moving averages. Between October 7 and 15, bulls attempted to push the price beyond these important levels but were eventually unable to, causing the price to fall back to $0.33. Despite occasional rebounds, ADA has been trading in a narrow range, unable to break past resistance at $0.36. The moving average lines have been trending downward, indicating a bearish trend that this trader is calling special attention to. The current price bars are just below these lines, and Doji candlesticks dominate the charts. This pattern frequently suggests market hesitation, with bulls and bears evenly matched, resulting in a lack of obvious pricing direction. Technical indications support the potential of a prolonged slump. The moving averages have crossed bearishly, and if Cardano fails to maintain the $0.33 support level, traders anticipate a steep drop to $0.30. This level has served as a critical support zone in recent months, and a break below might result in a sharp sell-off, potentially triggering a much greater crash. This trader believes that the present price behavior shows Cardano might face considerably more losses should market conditions not change. ADA has a long way to go before reclaiming any bullish momentum, with critical resistance zones seated far above the current price at $0.80, $0.85, and $0.90. By contrast, the next key support levels are much closer together; $0.30 is the most urgent, followed by $0.40 and $0.45. Should ADA retest its $0.30 support level and fail to hold this price mark, ADA might be on a rapid decline to $0.20.
Rexas Finance (RXS): A Rising Star Amid Cardano's Struggles
While Cardano battles to establish itself, a new player in the decentralized finance (DeFi) scene draws investor interest: Rexas Finance (RXS). Launched on September 8, Rexas Finance introduces the tokenization of real-world assets ( RWAs) by allowing investors to purchase fractions of tangible assets, including real estate, art, and collectibles, using blockchain technology. Rexas Finance's creative strategy allows small investors to participate in markets once off-limits for large institutional players. By fractionalizing these high-value assets, Rexas boosts liquidity and openness, enabling investors to access and trade assets once beyond reach.
Rexas Finance has already had a tremendous influence on its current presale. The project has sold over 86 million RXS tokens, raising more than $4 million. Currently trading at $0.060 in Stage 4 of its presale, RXS's subsequent stage is expected to push the price to $0.070. Following the listing, RXS is expected to list at $0.20; hence, it presents an appealing offer for both long-term and short-term traders. Rexas Finance is notable for its innovative, user-friendly design and unique asset-tokenization technologies. The Rexas Token Builder streamlines the process of producing and tokenizing real-world assets, making it accessible to those with little blockchain understanding. Furthermore, the Rexas QuickMint Bot enables users to deploy tokens straight from their cellphones, increasing accessibility. To top it off, Rexas Finance provides Rexas AI Shield, a blockchain security technology that ensures the integrity and security of smart contracts. Rexas Finance's growing attention has been boosted further by its CoinMarketCap listing, which has increased transparency and investor confidence. This listing is likely to increase presale participation, with experts forecasting a rise of over 10X post-launch.
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— Rexas Finance (@rexasfinance) October 22, 2024
Conclusion
Cardano (ADA) is in danger of collapsing if its present support levels are not maintained. The $0.33 support level is key, and a break below it might result in ADA falling to $0.30 or lower. While Cardano struggles to regain traction, Rexas Finance is portraying itself as a promising new player in the DeFi field, giving investors unique solutions and the prospect of significant rewards. With its presale in full gear, this may be the ideal time for investors to explore the potential of Rexas Finance before it takes off in the larger market. Don't miss out on the Rexas Finance presale—register today to get in early and optimize your profits!
About Rexas Finance: Website
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