Elena R
The ADA price continues its struggle to break out of its resistance level of $0.5625, indicating a strong liquidation point at that level. Further, the Cardano price has lost over 5% within the past 24 hours, indicating a bearish influence in the crypto space.
The Cardano’s ADA coin price traded in a closed range between $0.5208 and $0.5426 for about a week, following which the market volatility increased, resulting in the ADA price recording a correction of approximately 10.5% in value. After this, the price traded sideways for a while, indicating a neutral trend in the market.
The bulls constantly struggled to break their resistance level, but the bears overpowered the bulls, and the price recorded another correction of over 12% in the next two days. The ADA price then traded in a closed range between $0.4577 and $0.4756 for a while, following which the bulls regained momentum and displayed a price break out.
After this, the ADA coin price traded in a consolidated range between $0.4756 and $0.5208 for about two weeks, highlighting a weak price action for this altcoin. After testing its low of $0.4756, the bulls regained momentum and added approximately 12% to its portfolio.
The bulls recorded multiple rejections at their important resistance level of $0.5456 before successfully breaking out of it. However, the rally was short-lived as the price faced restriction at $0.5625. Since then, the price has been trading under a bearish influence.
Will ADA Reach $1?
The Relative Strength Index (RSI) records a decline in the chart, indicating a stronger selling-over-buying pressure. Moreover, the averages show a bearish curve, highlighting a bear power in the crypto market.
If the bulls regain momentum, the ADA price will test its resistance level of $0.5456 soon. Further, if the market holds the price at that level, it will prepare to test its upper resistance level of $0.5625 in the upcoming weeks.
Negatively, if the bears continue to overpower the bulls, the Cardano price will fall to test its support level of $0.5208. Moreover, if the bears dominate the market, it will plunge and prepare to test its lower support level of $0.4966 in the coming time.
