Price Analysis

Cardano(ADA) Price Showing Huge Signs of Plunging Below $1, What’s Next?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Jan 6, 2022

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Highlights

    Cardano price is also deeply impacted with the current bearish trend within the crypto space, yet showcasing a huge tendency to withstand the trembled situation

    Despite the strong community, the ADA price may plunge below $1 following the current downtrend as it retests the crucial zones yet again

The beginning of the year 2022 was supposed to be pretty bullish as after the stagnant trend throughout December, January was expected to be thriving. The asset was pretty bullish during the first couple of days, yet continued with the same bearish trend. During every dip, the ADA price sustained strong above the support levels around $1.2 and flipped each time it visited. 

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Yet the current situation may be a little distinct as the Bitcoin prices are not appearing to get stabilized and hence it may deeply impact the entire crypto space. And therefore the Cardano price may also fall into a similar trap and eventually get drained off with a notable margin. No doubt the asset is attempting very hard to reverse the trend or at least sustain above the support levels, all the efforts appear to go in vain shortly. 

Cardano inches closer to major price collapse

  • Cardano price since it smashed the highs above $3 is following a constant downtrend and found its strong support around $1.2 
  • Every time the asset visited these levels, it tends to flip and recover some of the losses faced 
  • The rally ever since manifested a fake-out above $1.5 in the last few days of December 2021, it got pretty much weakened and anaemic
  • Now when the coin is very weak and is back at the same support levels, a breakdown is pretty much possible.
  • The drop may drag the price below $1 and this is when the buyers may get the last chance to grab the deal at the discounted price. Therefore uplighting the price towards the strong resistance around $1.4.

While the asset is hopeful of flipping the support level, yet the technicals and the charts suggest a severe breakdown. However, the break-down may be just a matter of time as very soon, the Cardano(ADA) price may get back above these levels, gearing up huge bullish momentum. 

Also Read : Will Cardano Price Resile The Current Levels For A Bullish Surge of 23%, Prior To The Alt Season?

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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