The crypto market is still retracing lower. However, prices have reached a strong support. This is especially true for Cardano, as its prices retraced back towards the support area delimited by $0.30 and $0.32. What’s next for Cardano? Will Cardano price crash to 20 cents? Let’s analyze in this Cardano price prediction article.
Cardano Price Analysis: Why is Cardano DOWN?
Cardano started a strong uptrend in 2023, as prices rose from a low of $0.24 and reached a high of $0.40. Prices adjusted lower, then tried to breach the $0.40 price mark but failed to do so. In turn, ADA crashed back towards the first target of $0.36, then later to the $0.33 price mark as predicted in a previous article.
Cardano Price Prediction: Will Cardano CRASH?
Now that Cardano is sitting at a strong support, it is mostly probable that ADA price retraces higher, provided that the entire crypto market is doing to the same. If this happens, ADA should go back towards $0.35 as part of a 38% Fib retracement.
Another scenario however, could lead to Cardano crashing lower than $0.30. If the entire crypto market continues to bleed, Cardano should also follow this path, breaking lower than the psychological price of 30 cents.
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Source: https://cryptoticker.io/en/cardano-price-crash-but-prices-should-retrace-higher/