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11/02/2021

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Cardano Struggling To Hit $2, Is ADA Price On A Brink of Tossing Below $1 Or $3 Is Imminent?

The post Cardano Struggling To Hit $2, Is ADA Price On A Brink of Tossing Below $1 Or $3 Is Imminent? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide Cardano, in the past couple of...

Cardano Struggling To Hit $2, Is ADA Price On A Brink of Tossing Below $1 Or $3 Is Imminent?
adajump

Cardano, in the past couple of days, appears to have lost the grip. As after consolidating heavily around $2, the ADA price slashed below. Despite the trader’s grabbing the asset at a discounted price, a slight rise is resulting in an extreme drain. And hence the rally seems to have chosen an opposite pace where-in a deep dive looks pretty possible. 

September is always considered as a drowning month in history and October to be pretty green. However,  ADA price failed to follow the bullish momentum which was led by most of the altcoins soon after Bitcoin price smashed a new ATH. The analysis points out towards lower levels may be revisited this week. However, discovering new levels is still not out of the probabilities. 

The ADA price recently broke down the strong support levels around $2 and failed to regain the lost positions. With each attempt to climb above $2, the asset revisits lower levels in a row. With a strong tussle among the bulls and the bears, the daily open and close have not much difference between them. Yet, the current trend appears to be a healthy accumulation as Cardano is sitting calmly before a huge storm. 

This Is When Cardano (ADA) Price Could Flip The Bears

While the other altcoins spent October recovering from the September downtrend, Cardano remained considerably stagnant. And with the start of the new trading month, the asset dropped below the crucial levels. However, by maintaining above one of the important support levels, the asset keeps the hopes of a rebound or a flip alive. Once the asset flips, then the ATH could be notably on the horizon. 

adapcSource: Tradingview

But, in order to march towards the ATH, the ADA price needs to test some crucial levels and also requires the bulls to back the asset at the maximum. The asset could consolidate a few more days more before breaking through the descending triangle. Once the ADA price breaks through the pattern, another round of consolidation around $2.15 to $2.2 may haunt the bull rally. 

Post the healthy accumulation, the ADA price may retest the upper levels in no time to propel high towards the ATH. However, it also appears that the new ATH for Cardano may also be a little time-consuming. Nevertheless, the merger from PoW to PoS may assist the price to march high.

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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