Price Analysis

Cardano Price Flashes Fresh Bearish Signals, Poised to Drop a Level Down Very Soon!

Author: Sahana Vibhute

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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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The crypto markets have turned green, while the Cardano price is striving to inculcate bullish market sentiments. The volume also appears to have drained in the meantime, and the impact is already evident on the ADA price. Hence, the price is expected to continue with little-to-no volatility in price action for an extended period ahead. As the asset has been showing signs of weakness, the possibility of a fresh drop is high. 

Along with the slashed buying volume, selling volume also has not made any huge impact, due to which the price is able to trade above the pivotal support. However, following the recent rebound after hitting the lows at $0.3, ADA’s price is striving to remain within the incremental ranges. 

Meanwhile, a final retest appears to be imminent before undergoing a notable upswing toward the upper targets. 

Trading View

After the recent bounce, the ADA price is expected to make a retest of the support levels, post to which it may begin to rise. Therefore, after a brief upswing initially beyond $0.322 and later at $0.3370, the ADA price is expected to reach the first target at $0.385 and later head toward the pivotal resistance zone between $0.416 to $0.423. 

The token is required to clear these levels to reach the second target beyond $0.48, which appears likely in the next couple of months. Considering the present price action, the Cardano (ADA) price is moving towards the north while withstanding significant bearish pressure, and hence may certainly not lay down a firm upswing until the monthly close. 

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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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