Will Cardano (ADA) Price Plunge Below $1 in Coming Days?
The post Will Cardano (ADA) Price Plunge Below $1 in Coming Days? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
In the previous 24 hours, the global crypto market has dropped more than 5%, with bitcoin losing more than 4% and trading at $47,000. Ethereum, which appears to be following BTC’s lead, has lost 6% of its value and is currently trading at $3773.
The majority of altcoins have been struck hard and are continuing to lose value. Cardano price has become increasingly exposed to broader market forces. It has joined the ranks of the cryptocurrencies most influenced and swayed by Bitcoin’s price fluctuations.
Cardano used to move in lockstep with the cryptocurrency market, soaring in the first few months of 2021, then resuming the ascent in August and doubling in value from $1 to $3.
On the other hand, the altcoin has been negative since September and has lost its link to the larger market’s price behavior. When main cryptocurrencies began climbing again in August and early November, Cardano continued to fall. Cardano has dropped to seventh place in terms of market capitalization.
Also Read : Cardano(ADA) Price Sustain Above Crucial Levels, Yet Uptrend Still Misty!
What’s Ahead For Cardano (ADA) Price ?
During the last twenty-four hours, Cardano has traded between $1.20 and $1.33. The first big resistance level is at $1.50, which is followed by $2. On the downside, $1 serves as a support level.
The commencement of an uptrend will be confirmed if the price bounces off the $1.26 support level, setting up a new swing high over $1.47. Cardano’s price will hit the $1.60 resistance level in this scenario.
By converting this barrier into a support floor, the buyers will appear to be gaining control. This action clears the way for the buy-stop liquidity above the $1.75 barrier to be collected. The climb would be a 38 percent increase in total.
The bullish thesis will be invalidated if Cardano price makes a lower low below $1.12. In this instance, ADA could drop below the 1.02 support floor and retest it.
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