Cardano could tank to $1 if ADA fails to defend crucial support
Cardano price is currently hovering below a freshly shattered 6-hour demand zone, ranging from $1.68 to $1.79. This resulting crash could extend to the immediate and critical foothold at $1.40. A breakdown of this barrier will provide market makers...
- Cardano price is currently hovering below a freshly shattered 6-hour demand zone, ranging from $1.68 to $1.79.
- This resulting crash could extend to the immediate and critical foothold at $1.40.
- A breakdown of this barrier will provide market makers an opportunity to crash ADA to $1 and lower.
Cardano price seems to be continuing its downtrend without any signs of a let up. ADA has sliced through a wide area of support, hinting at a massive crash, however, this bearish outlook is contingent on one more key foothold giving way.
Cardano price looks ready for further downfall
Cardano price has dropped 12% so far today, November 26, and more weakness is likely if the cryptocurrency markets continue to tumble. For the so-called “Ethereum killer,” the crash and its extent are dependent on whether the stable $1.40 support level can hold or not.
In the past, this level provided a ceiling of resistance when ADA was consolidating beneath. Its breach led to the start of an ascent that propelled Cardano price to an all-time high of $3.11. The $1.8 support level also played an equally important role in helping ADA scale higher. The recent crash has pushed ADA below it, leaving $1.40 to defend the onslaught on panic sellers.
If the selling pressure continues to increase, investors can expect ADA to slice through $1.40. A daily close below this level will trigger a 24% descent to between $0.94 and the $1.04 demand zone. In total, this crash would represent a 35% loss from the altcoin’s current position at $1.53.
ADA/USDT 1-day chart
If Cardano price manages to stay above $1.40, there is a high chance buyers might cauterize the bleed and push ADA up by 20% to retest the 6-hour demand zone, extending from $1.68 to $1.79.
A daily close above $1.79 will signal the potential start of a new uptrend, however, a higher high above $2 will invalidate the bearish thesis for ADA and suggest more gains on the horizon.
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
