Cardano extends negative price action to $0.94 after market supply outweigh demand

• Strong bearish pressure pushed the price of Cardano to the south
• $0.94 is the next bearish target for the asset
• Cardano relation with Ethereum ( the essential things to know between the two assets)

According to Nerd wallet, Cardano (ADA) has been termed as a fast-rising digital currency network that should be considered as the next opposition to the Ethereum network. Despite the presence of bearish market situations across the entire crypto market, Cardano's total market Cap as of the time of writing this analysis is worth $33 billion and $14 billion below the USD stable coin.

Technical outlook for ADA/USD Price Action

Cardano sight a fresh support at $0.94

At the moment, the all-round price action of Cardano remains negative as the value of the asset aims to hit a negative price target at $0.94, and if at all the market supply should outperform the demand for the asset, the value of Cardano will retain negative value.

ADA/USD hourly technical analysis viewpoint

However, if at all the price of action of the digital asset pair should break below the immediate support at $0.94 then the overall price action of Cardano will resume to the bearish zone. On the flip side, if the price movement of Cardano should bounce above the $0.94 immediate support, the value of ADA/USD will tend to hit immediate resistance at $1.10.

Cardano daily technical analysis

Summary

Cardano trades with a strong bearish bias, as the value of the asset eyes to retest the previous negative price target of $0.94.