Cardano price attempts recovery to $1 as ADA bears exhaust
- Cardano price shows that it has two stable support levels beyond which, it could crash swiftly to $0.459.
- A bounce off the current foothold at $0.805 is likely to trigger a 25% ascent to $1.
- Failing to hold above $0.805 will lead to a 16% crash to the last line of defense at $0.676.
Cardano price has seen a considerable loss in its worth over the past month and is currently on delicate grounds. While bearish as it may seem, ADA could see a minor uptrend as bulls attempt a comeback.
Cardano price eyes to rally
Cardano price has shed roughly 50% over the last 35 days and is currently hovering above the $0.805 support level. As ADA approaches this level, bulls are likely to gather steam and trigger a quick run-up.
This upswing will propel Cardano price by 25% to the immediate resistance level at $1. This psychological barrier is crucial as it puts ADA one step closer to retesting the 2021 volume point of control that hovers around $1.20.
If bulls overextend their welcome, ADA could have a chance at retesting $1.20, bringing the total gain to 51%.
However, if Cardano price fails to bounce off the $0.805 support level, bad consequences await for the so-called “Ethereum killer.”
ADA/USDT 1-day chart
If buyers fail to show up at $0.805, there is a good chance momentum will knock Cardano price below this level. A daily candlestick close below $0.805 will confirm a flip of the support level into a resistance barrier and invalidate the bullish thesis.
Such a move will open the downward path for ADA to head to $0.676, which is the last line of defense. The bulls have another chance at a comeback around this foothold, failing to do so could lead to a steep correction to $0.459.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
