Cardano price again sinking down, feared to slice through the critical support area around $1.157
Yet the possibilities of a decent rebound cannot be ignored as the price always rebounded as it entered the lower support zones
The Cardano price has plunged heavily since the beginning of the current month, and the initial target of $1.5 appears to be very distinct. No doubt the price experienced some minor recovery, yet the constant plunge since the previous working day has reversed the trend. The ADA price has dropped nearly 14% since the last trading day.
The price is attempting very hard to maintain the uptrend by swinging in between $1.19 and $1.2. Yet the fall to lower levels still haunts the rally that could drag the price to the immediate support levels in between $1.044 to $0.94.
The ADA price had visited this zone multiple times amid the bull rally and each time a substantial rebound also followed. Interestingly, the price jumped more than 40% each time it visited the zone. Gaining extreme push, the price bounced back more than 70% a couple of times. And hence if the price revisits these levels, a strong rebound may rally the price close to $1.5.
However, the possible rebound to $1.5 still cannot be valid until the price smashes the initial resistance levels at $1.3. These levels may also indicate the entry of the bulls into the market aiming a considerable jump towards the initial targets. If the buying pressure mounts, a substantial jump above $1.5 could also be likely.
On the contrary, if the bears again gear up summing up with huge selling, Cardano price may also visit the current levels around $1.19 to $1.2. However, if the price fails to accumulate bullish momentum and closes below $1.15, then the ADA price may confirm yet another downtrend.
Also Read: Is It The Time To Be Bearish On Cardano Price?