Sahana Vibhute
When the Cardano price broke the pattern of forming consecutive red monthly candles in March 2022, it was believed that the asset may stick to a strong recovery. But the current month’s trade became more bearish than before which dragged the price to the levels it was a year before. The ADA price after an interim flip, again registering a loss which may be elevated largely until the day’s close.
The asset is swinging within a range-bound level for the past couple of days which has slashed the volatility and chopped off the resistance levels. Additionally, the trading volume at the press time has also slashed below $1 million which indicates the loss of traders’ interest. Despite the market, sentiments are turning bearish, yet the price is still speculated to reach $1 by jumping high by nearly 16%.
- The ADA price dropped hard from the 1 FIB levels and on the very to hit 0 FIB levels, quashing the intermediate levels
- The pattern followed by the asset displays a minor consolidation on almost all the FIB levels before pulling the next leg down
- However, currently, the price is consolidating in between the two levels and hence displays a significant chance of either sliding towards 0 or rebounding towards 0.2 FIB levels
- Yet the accumulated volume lets out signs of a downtrend being imminent before a flip which may raise the price levels close to $0.9
- On the other hand, RSI is yet to hit the lower levels, while MACD displays ease in the selling pressure
- Therfore, a rebound for Cardano(ADA) price is quite possible but the intensity of the rebound is still unknown
