Cardano Approaching Danger Zone, ADA Price May Slip Below $0.795 This Time!

Yet again as the weekend approached, the crypto space began to just let out the profits. With most of the assets falling into the bearish trap, Cardano is not been spared. The asset is yet again hovering around the same strong support levels at $1.01. But this time the scenario is a little contrast as the support may not hold the price. And a huge possibility of the asset plunging below $1 is witnessed. 

But whether the price will rebound firmly or stay below $1? Let’s see!

Cardano (ADA) Price Analysis  

The Cardano price no doubt had smashed the lower support multiple time but it was during the beginning of the 2021 bull run. Once the asset geared up during the end of Q3 2021 and formed a new ATH beyond $3, the price did not hit the lower strong support for a while. Currently, the ADA price not only visited the lower support but consolidated just above these levels for a pretty long time. 

Despite a small flip, the asset is again on the verge to hit the lower support once again. Additionally, while trending throughout the descending triangle, now the asset has approached the apex which is an extremely bearish signal.

• Relative Strength Index: The RSI is at 31.08 and hovering below the lower levels, in the oversold region from the early trading hours and unable to reverse the trend. 

• MACD: MACD appears to be on the verge to let out a ‘buy’ signal in the STF but the selling pressure is getting accumulated and eased over time, leaving no space for the buying pressure to build

• Average Directional Index(ADX): This indicator displays the strength of the rally which is neutral and resides within the average ranges. This may also imply that the asset is relaxing a bit and may range in the order of the volume induced

• Bull-Bear Power: The bull-bear power is also neutral signifying that both are currently passive and hence ADA price may consolidate for a while.

Therefore now when Cardano visits the strong support at $1.01, then these levels may not hold the price like before. And hence ADA price may eventually slice through the levels to find new support at around $0.795.