Price Analysis

Watch Out for these Target Levels as Cardano (ADA) Price Gears Toward a Breakdown

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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Jul 2, 2022

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Cardano‘s price amid the current bearish trend is on the verge of losing its grip over the bull rally. As the prices currently are on the verge to test the lower support yet again, the possibilities of a rebound are fewer. Therefore, the ADA price is currently swinging within an extreme bearish well, which may result in a loss of another 10% to 12% in its value during the upcoming weekend. 

Previously, the ADA prices were swinging within a descending triangle in the short term. With the fresh plunge, the prices are testing the lower support zone somewhere around $0.44 with equal pressure from either of the sides. The upcoming weekend could be pretty crucial for the ADA price as a breakdown is speculated with fewer chances of recovery. 

Source: Tradingview
  • ADA prices is trending with a huge descending triangle for the past couple of months, much before the May crash, displaying the possibilities of becoming more bearish 
  • Currently, there is no breakout yet but it is expected to happen very soon in either of the directions
  • If the asset plunges from the current levels, slicing through the lower support then the possibility of smashing the lower support at $0.32 emerges
  • On the other hand, if the asset manages to rebound from the lower support, may maintain a significant upswing and attempt to hit $0.75 at the earliest

Collectively, the shaky market conditions have dragged the Cardano (ADA) price into a pool of uncertainty. Until the Bitcoin prices settle above $20,000, one cannot expect a healthy rebound in any of the assets. Therfore, the coming weekend is expected to turn the tables for the asset regardless of the direction. 

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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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