Bearish Trend Haunts Cardano Price, Is $1 Levels Are In Danger?

Cardano price in the past couple of days had showcased a possibility of ranging towards the set target at $1.5. However, the fresh dump since the early trading hours have dismantled the plot for some time. The ADA price after losing nearly 6% from yesterday’s highs at $1.37 could recover to its previous highs soon. 

Additionally, the price once recovers to its immediate resistance levels, it completes the inverse cup and handle pattern. This pattern indicates the bearish continuation, triggering a sell signal. And hence, after a slight recovery, the price is feared to plunge down drastically. 

Also Read: Who Will Be SEC’s Next Target – Cardano, Dogecoin, Polkadot, or Uniswap?

As mentioned in the chart, the price is on the verge to complete the inverse cup and handle pattern. The bounce from the initial support levels validates the pattern and moreover, if the surge continues for another 3% to 4%, huge selling pressure may mount. 

The bearish divergence may drag the price to the next support level around $1.19. However, a strong bounce may prevent a further plunge, else the next support levels reside below $1. If by chance, the price falls below these levels, it would be very difficult to regain the lost bullish momentum.

Therefore, currently, the traders need to keep a close eye on the ADA price movements and need to wait till the actual bull run is validated. Once Cardano price smashes the pattern, then a fair uptrend may be considered. Else any jump in between could be a slight recovery before a fresh plunge. 

Also Read: Cardano Is All Set for the Highly-Anticipated Alonzo, Charles Hoskinson Gives Fresh Updates!