Altcoins

Cardano Price May Drop below $1, Predicts an Analyst

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Highlights

    Cardano price breaks the descending parallel channel, yet appears to have initiated with consolidation

    The contraction may end up shedding the price below the crucial levels which are expected to rebound very soon

Cardano Price to test Crucial Levels

Cardano price that accelerated the bull run since the mid of the current month, appears to have lost the track offlet. The huge descending consolidation od ADA price and the struggle to regain the lost positions, point out a probable downtrend. 

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The price chart has formed a short term double-top pattern and according to an analyst, visiting lower levels is imminent. Analysts Altcoin Sherpa predicts the price may visit the levels below $1, or close to $0.9 very soon.

However, the price needs to smash the levels around the 21-EMA around $1.15 or $1.2 in order to recall the ADA bulls and break the horizontal hurdle.

Also Read: Cardano Price’s Short-Lived Spike With Coinbase Listing, Fades?

ADA Price Analysis

Cardano price initiated with a consolidation a couple of days before, yet the difference was the consolidation was in a descending pattern. Therefore revisiting to much lower levels haunted the community. However, the price bashed the channel and initiated an uptrend, however, it was also short-lived. 

ada price dump

As viewed in the chart, the trading volume is depleting at a greater pace and due to this, the price fails to receive the required boost. And hence a consolidation phase is all that the asset can trend within. 

Considering the indicators, the RSI which trended at the bottom levels appears to have jumped to some extent. But the MACD indicators do not point out a buy or a sell signal as both the MACD and signal lines are united with each other.

ada price indicator

At the time of writing, the Cardano price is $1.15 with a jump of 1.5%, securing the 5th position on the cryptocurrency ranking list. The market capitalization remains more or less unchanged with more than $37 billion. However, the trading volume for the ADA price has dropped drastically by more than 20%, plunging from more than $5 billion to $3,942,592,758.

Interesting Read: Backstreet Boy Nick Carter Pits Cardano Over the Flagship Cryptocurrency Bitcoin

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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