Price Analysis

Bearish Cartel Drag the Cardano (ADA) Price into the Pivotal Range Below $0.43! Here’s What’s Next?

Author: Sahana Vibhute

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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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Highlights
  • Cardano price is facing extreme bearish influence which is compelling the price to revisit the crucial demand zone

  • A slight increase in the activity may lead the price to drop another 6% to 8% further, losing the crucial $0.4 levels

Cardano prices are facing immense volatility issues for the past seven days, as the prices have deep-dived into the crucial demand zone again. As the volatility and volume have descended heavily, the possibility of testing the local support at $0.4 in the coming days has increased. However, some technicals indicate that the ADA price is closer to forming new lows post to which a notable upswing seems imminent. 

Ever since the ADA price marked its highs a year ago, it has maintained a corrective move towards the south. Therefore, the current chart formation indicates the formation of a pre-terminal wave which may be followed by a final low within the current cycle. 

Source: https://twitter.com/mdtrade/status/1576870887416303622

Therefore, the upcoming price action is believed to be bearish where-in the price may reach the lower support around $0.113 in an extremely bearish scenario. A retest of $0.4 or even lower, $0.38, may be imminent, followed by a notable flip. Presently, the ADA price is trending along the 1 FIB levels at around $0.422 and an intensified bearish action may drag the price close to $0.1. 

On the bright side, the Vasil Hard Fork appears to have accomplished its job as the network speed has risen while the transaction fees have been reduced to some extent. Therefore, the upcoming days may be slightly bearish while a notable upswing may follow the price very soon. 

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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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