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Bloodbath In Crypto Space, Cardano Price Feared To Slide Below $1

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Highlights

    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.

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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.

Also Read: Cardano Price Predictions and Bets? All Eyes on “Ethereum Killer” as ADA Price Inches Closer to $1!

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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.

Also Read: Cardano’s Alonzo Successfully Forked! Will ADA Price head Towards a Big Breakout?

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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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