Cardano Stands Strong Amidst Bearish Market, ADA Price Assured of a 20% Upswing Soon!

Cardano (ADA) price stands strong above $0.5, making a quick recovery from the bottoms. The recent price plunge dragged the price to a 14-month low, which was defended each time it visited. The ADA price had lost more than 55% of its value since May, out of which the asset had already recovered more than 60% until the Celcius Network crisis dragged the entire crypto space to its knees. 

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While BTC price broke down from the crucial support around $28,700 and dropped hard to hit the bottom at $20,200, ADA price quickly retracted above $0.5 from $0.449. Currently, the price is trading within a parallel consolidation and hence the lower support could be held, while the upper resistance maybe not broken either. 

Cardano (ADA) Price Analysis – Short Term

• As mentioned before, the ADA price is trading within a parallel channel respecting the resistance and support levels.
• Currently, the price is getting rejected from the middle bands of the channel and hence may again reach out to the lower support.
• Here one can expect a significant bounce that may again regain the positions above $0.5. If ADA can break through this resistance, the price is likely to continue its uptrend and reach $0.70 in the near future.
• At present, ADA bulls seem to be in control driving the price towards the $0.55 resistance level. Traders can expect an actual bullish trend if ADA Price must stay above this level.
• On the other hand, if the altcoins drop from the aforementioned support level ADA/USDT could drop to the $0.37 level due to a rise in selling pressure.