fxs_header_sponsor_anchor

Cardano price attempts recovery to $1 as ADA bears exhaust

  • Cardano price shows that it has two stable support levels beyond which, it could crash swiftly to $0.459.
  • A bounce off the current foothold at $0.805 is likely to trigger a 25% ascent to $1. 
  • Failing to hold above $0.805 will lead to a 16% crash to the last line of defense at $0.676.

Cardano price has seen a considerable loss in its worth over the past month and is currently on delicate grounds. While bearish as it may seem, ADA could see a minor uptrend as bulls attempt a comeback.

Cardano price eyes to rally

Cardano price has shed roughly 50% over the last 35 days and is currently hovering above the $0.805 support level. As ADA approaches this level, bulls are likely to gather steam and trigger a quick run-up.

This upswing will propel Cardano price by 25% to the immediate resistance level at $1. This psychological barrier is crucial as it puts ADA one step closer to retesting the 2021 volume point of control that hovers around $1.20.

If bulls overextend their welcome, ADA could have a chance at retesting $1.20, bringing the total gain to 51%.

However, if Cardano price fails to bounce off the $0.805 support level, bad consequences await for the so-called “Ethereum killer.”

ADA/USDT 1-day chart

If buyers fail to show up at $0.805, there is a good chance momentum will knock Cardano price below this level. A daily candlestick close below $0.805 will confirm a flip of the support level into a resistance barrier and invalidate the bullish thesis.

Such a move will open the downward path for ADA to head to $0.676, which is the last line of defense. The bulls have another chance at a comeback around this foothold, failing to do so could lead to a steep correction to $0.459.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.