With the beginning of the weekend, the crypto space is yet again showcasing a notable bullish trend. The traditional cryptos are sustaining within a decent range and hence the major altcoins are following to maintain a notable uptrend.
And hence after hitting hard to the lower support levels which resulted in a flip, the ADA price is yet again approaching the same levels. However, each time the asset is expected to flip but the intensity of the flip may decide the next leg.
The asset ever since began with the bull run in 2021, visited the support level in between $0.9 to $1.1 multiple times. And hence it becomes one of the strongest support levels to hold.
Therefore, the asset whenever enters the zone, tends to flip with a strong bullish momentum. However, currently, the price is very close to the lower ranges of the zone and hence displays a possibility of slicing through these levels and plunging down.
- The Cardano price is manifesting a complex trend nowadays as it is manifesting both possibilities of a decent uptrend and a notable downtrend may also be on its way
- The RSI is neutral and waiting for the respective volume to be mounted so that the price could deviate as per the volume
- Luckily, the MACD showcase an ease with the selling pressure in the short term and also in the long term the indicator is about to let out a buy signal very soon
- However, the Average true range, the volatility indicator point out towards a high volatility rate in STF and hence a drastic change with the price may be expected irrespective of the direction
- On the other hand, the Bull-Bear power is also showcasing the growing strength of the bears currently and also in the long-term. Therefore the asset could be captivated under the bears at any point during the rally
Source: https://coinpedia.org/price-analysis/cardano-price-at-major-support-zone-will-ada-price-rebound-or-plunge-below-1/