Price Analysis

Cardano Price May Not Resume Bull Run Soon! Has the Bearish Trend Begun?

Highlights

    Cardano price is expected to consolidate for a still more time without any signs of a bullish trend

    With a continued downtrend, the possibilities of the price slumping below $1 cannot be ruled out

Cardano price in recent times has showcased a stable rally including a couple of dumps too. Yet the price tends to recover at a greater pace. Yet since the beginning of the current trading day, the price initiated with an extreme downtrend. And hence the further dip may also be on the way very soon. 

The price chart is forecasting a lower lows but the rebound towards $1.5 may also be possible. However, if failed to do so, the lower levels around $1.4 may be imminent. The price might follow a mid-month consolidation which may further lead to a slight pullback rather than a bounce. 

ada indicatoe

The RSI is moving to more lower levels which is followed by MACD too. The selling pressure is getting mounted and as a result the price may revisit more lower levels. However, the zones in between $1.15 to $1.11 are the crucial ones as it had been one of the strong support levels in the past. 

Also Read: MATIC Price & ADA Price Tanks Hard, Who Will Make It To $2 First?

However, the price may not to recover in the current trading month yet the lower levels below $1 may also be not realistic. According to an analyst, the ADA price may also visit levels below $1 to hit $0.76. 

ada chart

As per the chart posted by the analyst, currently the price is hovering around the support levels close to $1.39. If it fails to rebond from these levels, then the price may slide down towards the major support trend line around $1.03. 

Collectively, the analyst the Cardano price chart has formed a huge top diamond pattern and hence the ADA price may tank towards $0.76 levels shortly.

Also Read: ADA Price May Rise Along With THETA, SAFEMOON Pushed to a Downtrend?

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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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