Cardano price in recent times has shed off its volatility to a large extent that has compelled the price to trade within minor regions. Presently, the ADA price has broken down from the crucial support intensifying the bearish trend. The plunge has currently dragged the price close to the crucial support close to $0.4, beyond which Cardano may lose its grip over the bullish trend for some time.
Will ADA price rebound firmly maintaining the bullish streek or continue to plunge below $0.4, eventually reaching $0.3 in the near future?
A popular analyst who has once predicted the collapse of the crypto markets including Bitcoin, pretty much in advance, now, believes that ADA price is primed to drop hard. Cardano after testing the same support levels nearly 5 times in a row, broke down heavily while testing during the early trading hours. However, the asset still trading within the support zone, leaving room for the bulls to take over the rally soon.
Presently, Cardano’s price is around $0.43, slowly recovering from the loss incurred a couple of hours before. The asset currently seems to have recovered from the day’s lows at around $0.426, but the uptrend is not validated. Therefore, after a short-term bounce, the ADA price is expected to continue with the bearish trend.
Collectively, the ADA price even after plunging down from the lower support may rebound but the upper resistance may be capped below $0.45. On the other hand, the volatility and the volume both remain heavily depleted and this may impact the price notably. The bulls remain off-shore and hence compelling the Cardano price to remain misty but under bearish pressure.
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Source: https://coinpedia.org/price-analysis/this-may-be-when-cardano-ada-price-may-drop-by-30-to-plunge-below-0-3/