With the plunge in the bitcoin prices, most of the crypto assets drop below their respective support levels
Cardano price is an inch close to losing the $1 mark with a massive plunge of more than 10%
The entire crypto space yet again slipped with a large margin as the support levels were thrashed subsequently. As predicted by many Bitcoin prices slides below $30,000 and heading towards $28,000. The other major assets like Cardano(ADA) price is also on the verge to lose the $1 mark which it sustained during the recent sell-offs.
Cardano price was awaiting a bullish breakout for many days, yet the plunge from the last trading day dragged the price below $1.2. However, the fresh plunge since the early trading hours slashed the price to $1.06. The price can further witness a drop below $1 as the selling pressure appears to have mounted at an extreme.
The price is could test the strong support levels around $1.03 and if in case it rebounds as it did before, then a notable uptrend may be imminent. Else it’s very tough for the ADA price to maintain above $1 levels. A drop to support levels at $0.79 may be on its way, however, they appear pretty weak. Thus a further plunge could drag the price still more close to $0.3 levels too.
Therefore the most important task for the Cardano price is to sustain hard above $1 preventing further loss. Also, the bulls are required to jump in as the trading volume has diminished miserably. A similar volume during the bull run or at least a half of it is the need of the hour for ADA price to maintain with the uptrend.