Bitcoin and Ethereum are struggling very hard to maintain above $41,000 and $3,100 resp, diving the entire crypto space into rock-bottom levels. However, the top 6th crypto asset, Cardano maintains strong above the crucial levels, yet it may also tremble down very soon.
The asset is testing these levels multiple times during its rally and each time it has flipped strongly. Yet the current test may be a little diverse as the possibilities of a rebound are comparatively less.
ADA/USDT price showcased a beautiful price action where-in it had a big run in 2021. Moreover, since September the asset is following a notable downtrend after smashing highs beyond $3.
Cardano is currently 60% down since then while the asset is attempting with a couple of bounces around $2. However, the bottom levels are around $0.82 or $0.65 appear to be pre-programmed, yet a new ATH beyond $4.45 or more than $6 is clearly visible.
The Cardano price is yet again testing the crucial support around $1.1 and a flip is the need of the hour. The confirmation of an uptrend maybe only be when the ADA price surpasses the $1.5 levels and hence an upper target around $2.4 at 0.5 FIB levels may be expected. Eventually, maintaining the bull run, the ADA price could slice through 1 FIB level which resides along the ATH to smash new highs at 1.5 FIB levels around $4.4.
On the contrary, if Cardano fails to range along with the FIB levels, then the lower support levels could eventually attract towards itself. Initially, it may plunge beneath $1 and test the $0.82 support levels. While these supports appear to be pretty weak, the ADA price could plunge down towards the strong levels around $0.65.
However, huge expectations are around the Cardano smart contracts, upon which numerous projects are been deployed. And hence a deep dive towards the north with the ADA price may be expected once the crypto space stabalizes.
Source: https://coinpedia.org/price-analysis/after-a-huge-corrective-quarter-cardanoada-price-may-hit-the-actual-bottoms-before-roaring-towards-6/