Cardano (ADA) has been on a continuous trend of heartbreak since it touched its high above $3 in September 2021. As a result, the Cardano (ADA) has been going through a tough time lately.
Cryptocurrencies are an extremely volatile investment. Every time there’s a slight upward recovery, it seems like someone else wants to take their money away from cryptocurrencies by selling off all of the dips that come after each new low. Rinse and repeat until you’re exhausted or lucky enough not to have any more losses.
However, the Cardano cryptocurrency has lost about 60% of its all-time high value, but this may be the worst part.
Cardano ADA Price Analysis
It’s been a tough year for Cardano, but the digital asset still has some fight left in it. It started at just over $0.20 last year and surpassed three dollars by early September.
The ADA price rally faced rejection at the $1 support level. However, the price of ADA found a stable support level following its strong bearish trend, but the bullish momentum was not enough to keep it there.
Cardano ADA Price Prediction
It looks like Cardano is struggling to break past its crucial support level even as Bitcoin consolidates. The recent uptrend faced rejection and may be heading lower in search of stability, which would trigger a new rally if successful!
Despite this, It’s no surprise that this digital asset has the highest sell pressure right now. With nearly 100% of traders selling it, many people want out before their losses worsen.
With every dip, the ADA is getting weaker, and it seems like no matter what happens with prices, there will be a supporting level to hold them up.
According to Fxstreet,
Cardano’s price rallied 22% from February 28 in an attempt to move past the $1 psychological level. However, the bullish momentum was not enough, leading to a retracement. The pullback will continue until ADA finds a stable support level.
Fortunately, the four-hour demand zone, extending $0.842 to $0.916, is in the vicinity, and Cardano price is likely to find support here. A bounce off this area will be key in triggering a move past $1 and retesting the $1.20 resistance barrier.
Overall, ADA is likely to resume its rise, heading towards the $1.20 price zone soon.