Price Analysis

Cardano Price Plunge Below $0.8! ADA Price Need to Break This Level For Bullish Rally

Written by: Sahana Vibhute

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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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Feb 24, 2022

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The Cardano price has slashed below the danger zone amid the recent sell-off and quickly raised high aiming to test the upper resistance yet again. However a small possibility of a trend reversal does appear and if it initiates, then the price may revisit the lower levels yet again. The bears are pretty active for quite a long but the Bulls appear to just utilize the buying opportunity and remain passive whenever the asset needs to sustain above the gained levels. 

ADA price maintained a significant trend within a range-bound for a notable period, sustaining above the crucial support zone. And hence as expected, the asset quickly gulped a strong bullish momentum and raised high to surge beyond 1.2.

Woefully, the price fell drastically ahead, which is maintaining until now. Currently, with a strong influx of buying volume, Cardano managed to halt further drop towards lower lows. But at the same time, a strong rebound is also pretty uncertain.

The ADA price is currently making huge moves that could be extremely bullish in the coming time. As the buying volume is accumulating at a notable pace, the asset may attempt to hit the immediate resistance beyond 1.01. However, with a selling pressure being built every now and then, a slight pullback may be fast approaching.

Therefore only when Cardano clears the important resistance at 1.01 one can expect a notable upswing. Moreover, if the price sustains above these levels, then a significant uptrend may escort the price above 1.2 initially and further test the 1.5 levels firmly. Yet, it is also speculated that the market may continue to chop around narrow regions until the mid of 2022, and hence no such drastic change with huge volatility may be expected till then.

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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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