Will Cardano (ADA) Steep Down To $0.4 Level Very Soon?

Altcoin News

As a matter of fact, Cardano is one of the tokens that have the strongest potential to reach new highs. But since its high in September 2021, the price action of ADA has fallen deep down into a bearish rally. Therefore, there are high chances that ADA will slope down to a support level below $0.4 soon. Whenever the token initiates an attempt to surge up towards the resistance level, it fails and begins to fall sideways.

Currently, the price of ADA is hanging at $0.79 after breaking down from $1.01 with the crucial support level at $0.78. Though the token managed to surge up a few times, it didn’t break through the bearish segment. As a result, a notable declining trend was maintained, with the goal of repeatedly testing the lower support.

Lowest Target At $0.40

Since the beginning of this year, Cardano is experiencing the bearish flow and hitting the support levels again and again. The trading chart of Cardano clearly explains that the price has been testing crucial support-levels for the past few days. The token’s open price is at $0.87 for the past week, which differentiates between the ups and downs of price actions.

As the trade volume of ADA is limited, it is difficult to neutralize the possible bearish trend. Following a big jump from $0.78 to $0.8 levels, the asset is consistently testing key support-levels in the short run. Currently, the asset is striving very hard to establish a strong rally but stays confined below $0.8 at $0.79.

As of now, ADA is still trading in downtrends towards its support level, so cutting ADA at the current price will be a better alternative. If the price level breaks below the existing supporting level, then it may lose its control in price action. As the asset is likely to reach the lowest-levels, cutting now might produce a decent profit. At the time of writing, the lowest target is set to be at $0.4 and there is no indication for ADA to pull back.