Cardano Working on its 8th Monthly Bearish Candle, Will ADA Price Lose $0.1 Levels Too?

The post Cardano Working on its 8th Monthly Bearish Candle, Will ADA Price Lose $0.1 Levels Too? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Cardano’s price during the previous bull run tested its capability to soar high. While the crypto space was chopping around, ADA prices rose drastically. Woefully, ever since the asset smashed the highs above $3, it maintained a significant descending trend. Interestingly the asset received multiple opportunities to flip the bearish trend, but the asset refused and continue to plunge hard. At present, the Cardano price chart is appearing very scary as the possibilities of a reverse spike are pretty high.

Cardano is failing to attract investment as no significant buying pressure is able to accumulate since the beginning of March. The candle clearly shows the selling pressure is rising as the current price has slashed from the monthly highs. Moreover, the strong support levels have been lowered from $1.01 to $0.85, while the prior levels have become the strong resistance levels to achieve. 

The above mentioned is the monthly and daily chart of Cardano which display an extreme bearish trend. In the monthly time frame, the ADA price is not able to find any strong support. Therefore huge possibilities of the asset dropping to lower support appear to be high. Moreover, the trading volume also has dropped to a large extent which may impact the buying volume & the ADA price. 

However, in the short term, the ADA price is trending within a minor buy zone. A decent entry range may be between $0.84 to $0.94. The initial target maybe around $1.14, later at $1.43 and $1.92. However, after attaining these levels without shedding the gains the ADA price may register its first bullish candle in 2022. However, the buyers do not appear to have entered the ring yet. And hence once they enter the Cardano price has to find a secure position before the month close around $1.2 or above to nullify the bearish trend.