The cryptocurrency market has turned bearish this week with top tokens recording a significant drop in their respective portfolios. Moreover, with Bitcoin price dropping ~6%, the Cardano price has plunged below its $1 mark.
With the ADA price maintaining its value above the $0.90 mark, will it make a comeback this week? Or will the altcoin plunge toward its lower support levels?
The Cardano price has recorded a correction of 13.82% in 24 hours with a trading volume of $3.224 billion. This has resulted in this altcoin plunging below its important psychological barrier of $1 this week. Moreover, it is currently exchanging hands at $0.9139.
The SMA indicator is on the verge of experiencing a bearish convergence in the 1D time frame. This indicates an increase in the selling-over-buying pressure in the cryptocurrency market.
Further, the Relative Strength Index (RSI) hints at a potential plunge below the overbought range. Moreover, its average trendline displays a similar price trend. This suggests a negative outlook for the altcoin this week.
If the bears continue maintaining momentum, the Cardano token will retest its support level of $0.90. Further, if the bearish sentiment intensifies, this could pull the ADA coin price toward its lower support level of $0.80 in the upcoming time.
On the positive side, if a bullish trend reversal occurs, the Cardano price could reclaim the psychological mark of $1. Moreover, if the bulls gain momentum, this altcoin could head toward its upper resistance level of $1.20.
What’s next for the ADA token as it achieves the $1 mark? Read CoinPedia’s Cardano Price Prediction and also subscribe to us to stay updated on the latest crypto-related news!
With the current price volatility, the ADA token could surpass the $2 mark with a potential high of $2.42.
If the adoption process of this technology intensifies, this could push the Cardano price toward its high of $7.79.
The ADA coin may achieve this target price in 2025.
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