Cardano (ADA) is staying in a sideways consolidation, still defending the $1 mark. As Coinpedia reported earlier, Cardano millionaire addresses are actively accumulating despite the flat price. ADA whales upped their holdings by 40% in January.
ADA Short-Term Price Action
At Present, Cardano price is trading at $1.04. The Key supports at the $0.92 – $1.03 range is expected to hold and keep ADA bulls intact. Currently, (ADA) is showing signs of stabilization, but the outlook for the ADA remains unfavorable.
Around the $1.02 demand zone, investors find some good buying possibilities. The price, however, failed to break through the $1.061 horizontal barrier.
On the other hand, if the price falls below $1.00 and closes lower, it will open the door for Cardano to fall too much lower levels in the short term. On the upside, a strong break above the $1.25 could lead to a massive surge to $1.6.
With a possible bearish crossover, the Daily Relative Strength Index (RSI) momentum oscillator is around the oversold zone. This reflects investors’ lack of excitement for the bull market.
Cardano Price Poised for Massive Fall?
As ADA approaches the $1 level, a well-known crypto trader has issued a caution to Cardano investors. According to Capo, a pseudonymous trader,
The altcoin is currently in the middle of a tidy triangular formation, implying bearish price movement in the next few days,
Despite the fact that numerous cryptocurrencies have outperformed Bitcoin during the latest market correction, Capo believes the altcoin market as a whole is weaker than Bitcoin.
He also tweeted that altcoins appear to be even worse than Bitcoin. With Bitcoin dominance establishing a triple bottom and altcoins chart attempting to retest the range low, a 50% loss in altcoins in the next few days wouldn’t surprise him.
Source: https://coinpedia.org/price-analysis/heres-why-cardano-ada-might-drop-to-0-78/