Bears Trying Hard to Pull Down Cardano (ADA) Price Below $1 Level
The price may continue to consolidate until it breaks through support. Despite a few tries to get over and maintain The post has appeared first on thenewscrypto.com
47 seconds ago | 2 mins read
Altcoin News - The price may continue to consolidate until it breaks through support.
- Despite a few tries to get over and maintain $1.5, it was rejected each time.
A critical support level around $1.12 was turned into a resistance point by a recent collapse from the $1.59 mark in the up-channel. ADA fell 44.02 percent (from January 18) to a nine-month low on January 22, a drop of 44.02 percent.
ADA/USDT: Source: TradingViewAs a result, ADA dropped below its EMA ribbons and even lost the crucial $1.02-mark. Three times in the last two days, the 40-EMA was challenged by bulls before the price fell below $1.028. Following a seven-day surge of barely 2.2 percent, Cardano fell roughly 4.62 percent yesterday before regaining 2.89 percent as of the time of this writing.
Read More: Cardano Price Prediction
ADA Price Likely to Test the Lows
There is more evidence of a price decline than a significant price recovery since the asset is trading inside solid support levels from the previous week. A short-term recovery effort was made, but the ADA price is likely to test the lows in the long run.
Following a rejection from the declining channel, the Cardano price plunged two times the standard rate. Despite a few tries to get over and maintain $1.5, it was refused each time. Even more curiously, it has been trading within these price ranges for the previous ten days or so.
As long as there is no significant volume infusion, the price may continue to consolidate until it breaks through support. The bears will next attempt to pull the asset down below $1. According to CoinMarketCap, the Cardano price today is $1.05 USD with a 24-hour trading volume of $933,630,510 USD. Cardano has been up 2.89% in the last 24 hours.
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