Price Analysis

Cardano In A Critical State, ADA Price May Slide To $1 If Fails To Flip!

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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Nov 28, 2021

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Highlights

    Ever since smart contracts were launched on Cardano, the ADA price has maintained a downward trajectory and hence a flip is the need of an hour

    Cardano price continues to decline with a notable margin throughout the weekend and is feared to drop beyond $1

Cardano nowadays appears to have remained distinct with the market as the ADA price failed to follow the market trend. Ever since the Alonzo hard fork, the crypto space experienced multiple prices jumps at different intervals.

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Bitcoin flipped the sideway trend and ranged high to smash its highs just below $70K. At this time, most of the assets inculcated a bullish momentum, however, ADA still remained out of the crowd and trended similar to a stablecoin.

No doubt the asset did attempt to flip the narrow trend, yet the fresh crash trembled the plot to a large extent. The ADA price currently is attempting very hard to sustain above $1.5 and appears it may be successful to a large extent.

Yet, if the price trend fails to flip, the price is expected to decline below $1.5. A popular analyst, Micheal de van Poppe, believes the price may slowly drop to the major support levels close to $1 very soon. 

The analyst marks these support levels as the most important levels to sustain and also reverse the trend from here. A reversal may uplift the price back above $1.5 levels which may later go and test the upper resistance levels too. However, the important resistance levels still remain around $2.2 and surpassing these levels may confirm with the bull run. 

Collectively, Cardano currently in the past 2-3 months is swinging in a very narrow range and trending with the same symmetrical triangle.

However, the asset has now broken the triangle and heading towards the south, a notable flip above the support levels is very much mandatory. Also, some still believe that the time has come for the ADA price to flip as a lot of DeFi stuff is incoming in the form of Ardana, Sundae Swap etc. 

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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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