Connect with us

Plato Vertical Search

Blockchain

Cardano(ADA) Price Showing Huge Signs of Plunging Below $1, What’s Next?

cardano price

The post Cardano(ADA) Price Showing Huge Signs of Plunging Below $1, What’s Next? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The beginning of the year 2022 was supposed to be pretty bullish as after the stagnant trend throughout December, January was expected to be thriving. The asset was pretty bullish during the first couple of days, yet continued with the same bearish trend. During every dip, the ADA price sustained strong above the support levels …

cardano price

The post Cardano(ADA) Price Showing Huge Signs of Plunging Below $1, What’s Next? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The beginning of the year 2022 was supposed to be pretty bullish as after the stagnant trend throughout December, January was expected to be thriving. The asset was pretty bullish during the first couple of days, yet continued with the same bearish trend. During every dip, the ADA price sustained strong above the support levels around $1.2 and flipped each time it visited. 

Yet the current situation may be a little distinct as the Bitcoin prices are not appearing to get stabilized and hence it may deeply impact the entire crypto space. And therefore the Cardano price may also fall into a similar trap and eventually get drained off with a notable margin. No doubt the asset is attempting very hard to reverse the trend or at least sustain above the support levels, all the efforts appear to go in vain shortly. 

Cardano inches closer to major price collapse

Cardano(ADA) Price Showing Huge Signs of Plunging Below $1, What’s Next? Blockchain CoinGenius Hosts Virtual Crypto Event The Road To Mass Adoption
  • Cardano price since it smashed the highs above $3 is following a constant downtrend and found its strong support around $1.2 
  • Every time the asset visited these levels, it tends to flip and recover some of the losses faced 
  • The rally ever since manifested a fake-out above $1.5 in the last few days of December 2021, it got pretty much weakened and anaemic
  • Now when the coin is very weak and is back at the same support levels, a breakdown is pretty much possible.
  • The drop may drag the price below $1 and this is when the buyers may get the last chance to grab the deal at the discounted price. Therefore uplighting the price towards the strong resistance around $1.4.

While the asset is hopeful of flipping the support level, yet the technicals and the charts suggest a severe breakdown. However, the break-down may be just a matter of time as very soon, the Cardano(ADA) price may get back above these levels, gearing up huge bullish momentum. 

Also Read : Will Cardano Price Resile The Current Levels For A Bullish Surge of 23%, Prior To The Alt Season?

Web3 Reimagined. Data Intelligence Amplified. Click here to access.

Source: https://coinpedia.org/price-analysis/cardanoada-price-showing-huge-signs-of-plunging/

Latest Blockchain Streams

Blockchain

Polygon (MATIC) has been seeing a massive sell-off over the last few days. Although… The post Polygon’s (MATIC) bloodbath continues as altcoin declines past...

Blockchain

Metaverse and gaming tokens haven’t had the smoothest of rides in the market over… The post Axie Infinity (AXS) Continues to meltdown – Should...

Blockchain

Financial markets, built on the premise of speculation, are natural breeding grounds for volatile price action. Crypto markets, in particular, are notorious for their...

Blockchain

Crypto billionaire Mike Novogratz says markets are now in bear territory after recent sell-offs.… The post Crypto will have a hard time rallying until...