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Price Analysis

Cardano Price at Crucial Levels, a Strong Bounce Back Is Mandatory!

Highlights

    The Cardano Price continue to plunge after a slight recovery, and hence a further price drop may be on cards

    On the contrary, the mounting selling pressure appears to dilute to some extent and hence a healthy bounce back may be expected

Will Cardano Price Hit $2 Target by This Weekend!

Weekends are popular to manifests eye-catching price movements of the major and popular cryptos, regardless of the direction. Cardano price rallied high and was very close to smashing the ATH, yet it shed all its weekly gains. Therefore the upcoming price movements would be very interesting.

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However, it was anticipated that the price would flip the bearish trend, yet failed to do so. Despite a decent jump, the asset lost the momentum and plunged again testing the crucial support trend line.

No doubt the uptrend did not receive the required buying pressure, the current selling pressure also seems to have diluted slowly. The price currently is testing very crucial support trend lines, which it held strong for the past couple of days. 

adaprice plunging

At the time of writing, the ADA price is $1.27 with a jump of 2.48% in the past 24 hours. The trading volume has depleted miserably of about 34.9% to record more than $7 billion in numbers. However, the market capitalization still remains above $40 billion with a more than a 3% jump. The drop woefully pulled back the Cardano’s position to the fourth one, as BinanceCoin overtook the third place. 

Considering the indicators, the RSI indicators that had dipped close to 40 levels appears to have flipped back moving upwards. The MACD indicators that pointed out towards a sell signal in the early trading hours, now on the verge to exhibit a buy signal.

ada macd

Currently, it is mandatory for the Cardano price to smash the upper resistance levels close to ATH at $1.477, but before attain the levels around $1.3. The support levels are formed at $1.2 and the technical indicators are fluctuating in between a buy signal and being neutral.

Collectively Cardano price, at present, might have experienced a slight pullback or correction, a massive surge may not be ruled out completely. However, if the ADA price flips the bearish divergence, then the path to $2 would be clear and imminent.

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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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