Cardano price is heading towards recording one of the most bearish weekly closes by shedding a huge amount of gains
The price is testing the support levels and if fails to rebound, the $1 mark maybe eventually in danger
The asset that is known for stability and being consistent is feared to lose momentum. The price in the past trading day consolidated well, minimizing the dumps. And hence the probability of a bounce-back appeared high.
Yet, the accumulation resulted in the price movements declining with no signs of recovery at the press time. The bearish dark clouds have been surrounding around ADA price where-in the lower lows as expected as the upcoming target zones. Despite the trading volume has decent figures, yet it is due to the mounting selling pressure.
In the recent movements, the price seen trending within a symmetrical triangle and on the verge of testing the lower support levels. The analyst cryptohopper, lets out two probable moves, ADA price may inculcate along with the next move.
According to the chart posted by the analyst, the Cardano price may either plunge to $1.5 levels or else dip to $0.94 levels. Currently, the price is moving to have the 100-day moving average as the strong support levels. Nevertheless, it is important the price sustains within the triangle for some more time to have a successful leg up soon.
Moreover, the RSI that ranged almost a straight line may take a call upwards or downwards. Despite a healthy consolidation, the price seems to scroll downwards as it can break the support levels anytime from now.
The Cardano price if wants to surge high needs to swell its trading volume which is experiencing a dip currently. Despite the positive market sentiments, the indicators still point out towards a sell signal which is scary. If the selling pressure does not ease then the ADA price may also slump below $1 soon.