After undergoing a huge pump for the past 3 to 4 days, the crypto space appears to have consolidated for a while since early trading hours. Cardano‘s price also smashed the much required upper levels at $1 but it remained a short-lived one. As the ADA price quickly fell apart to test the lower, newly formed support at $0.95. After a couple of flips from these levels, the price is now on the verge to hit the upper resistance close to $1 but may not surpass and face another rejection.
The Cardano price in the short-term is extremely bearish as the price after reaching the cliff of the mountain appears to undergo a significant plunge soon. Currently, after a flip from the lower support, the asset is building strength to test the upper resistance but may fail to hit $1. And hence could experience another rejection at $0.99 which may compel the ADA price to test the lower support at $0.95.
Here if the price fails to sustain then it may slide down towards the next support zone around $0.92. However, bulls appear to have to wake up after a pretty long time and hence could utilize all the resources to maintain the bullish momentum.
Also Read: Cardano ($ADA) Price Might Hit $1 in Next 12 Hours, Metrics Hints Bullish Rally
Cardano(ADA) Price May Hit $1.3 to Close the Quarterly Trade!
Cardano’s price is showcasing immense strength as the trade for quarter 1 is about to end very soon. The price which maintain a stagnant trend below $0.8 for such a long time, visited the levels above $1. No doubt it was just a short-lived one but the asset displayed its bullish momentum and its intention to range beyond $1 to end the Q1 trade. However, the ADA price could not only surpass $1 but eventually may hit $1.3 anytime from now!
The analyst here considers the long time frame of 3-days, where-in the ADA price appears to be extremely bullish. The ADA price here is facing rejection at 0.76 FIB levels after undergoing a significant flip from the lower bands of the descending channel. Therefore, the analyst believes that if the current downtrend prevails, then the lower levels are around $0.85 or $0.76. Else the Cardano price may comfortably range high and achieve $1.3 levels slicing through $1 to close the Quarterly trade.
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Source: https://coinpedia.org/price-analysis/cardano-ada-price-jumps-above-1-yet-1-3-remains-distinct/