Cardano Price Failed to go Above Pivot Levels, ADA To Hit This Level in the Next 24 Hours

The post Cardano Price Failed to go Above Pivot Levels, ADA To Hit This Level in the Next 24 Hours appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

After swinging within a range-bound levels for a pretty long time, the ADA price ignited a breakout and attempted to smash the crucial $1.3 levels. Yet experienced a huge pullback and plunged more than 18% to hover along the $1.01 support levels for sometime.

Further, Cardano successfully raised by nearly 9% to test the descending trend line and also attempted to breach through these levels. But woefully, the bears compelled the price to reverse the trend and also sustain the depleting trend for the second consecutive day. 

Cardano Price Analysis

Considering the present trend, it is quite evident that the ADA price is primed to continue swinging within a narrow range. The asset may trend along with the descending trend line to hit the same $1.01 support levels again.

However, currently no possibilities of a rebound or a flip is witnessed as the sellers are pretty much strong at the moment. Therefore, the ADA price may eventually follow a notable downtrend for the next couple of days. 

The ADA price as mentioned before is trending within the descending triangle after consolidating within range bound for quite a long time. The asset is expected to plunge down to the same support levels to make yet another visit.

This time possibilities of a flip may not be as strong as before as the selling volume is pretty much at the upper hand. And hence if in case the asset plummets down to the lower support, it may slide down further. 

If in case a flip occurs strongly, then it may however break through the descending triangle for a while, yet further plunge or consolidation is imminent. The volume has dried up miserably and moreover, a notable selling volume has accumulated.

Therefore, despite a plunge on the cards, it is more interesting to watch whether the Cardano(ADA) price will make it or break it at the strong support zone.