Cardano Price Drops Below $1, Nearing Potential Reversal Point
Cardano price has recently dropped below the $1 mark, causing concern among investors. Currently trading at $0.973, ADA has experienced a 10% decrease in value over the past week, contributing to a negative sentiment in the market.
One alarming factor is that ADA price is trading below key moving averages, indicating weak traction and potential for further decline. Additionally, the coin has formed a double-top pattern on the daily chart, suggesting a bearish trend.
Despite these red flags, there may still be hope for Cardano price reversal. Analysts point out that Cardano’s correlation with Bitcoin price is weak, implying that its performance may not solely depend on Bitcoin’s trajectory. Moreover, $0.970 has been a strong support level for the past three weeks, with many rejections of breaches below that level, indicating potential support for the token’s price.
In terms of predictions, if Cardano price manages to stay above $0.970, it could meet resistance at $0.990 and potentially break above to reach $1.00. However, if the price falls below $0.970, it could find support at $0.965, with potential for further decline to $0.960.
Overall, Cardano’s price movement is closely watched by investors, and it will be interesting to see how it performs in the coming days. Stay tuned for updates on this developing story.
