Yesterday while developing one of the bloodiest days in the crypto market so far this year, the price of the cryptocurrency Cardano (ADA) went straight to the psychological level of $ 1.00.
At the time of this writing, ADA is trading at $ 1.1349, recovering 4.71% in the last 24 hours, after reaching a daily low of $ 0.92 yesterday.
Despite all the positivism around the Cardano project thanks to the steady progress of the roadmap, this time there was no escape from the overall market downturn.
However, this cryptocurrency has established itself as one of the 10 largest in the ecosystem. This leadership position will continue to drive the project and consequently the price. The losses that we are seeing is something totally normal. We will never see an asset go straight to the moon.
Let’s go to the price chart to see what the current behavior tells us about what could happen in the near future.
Cardano price technical analysis
When we look at the daily chart we realize how the bears have taken control of the price in recent days, even so, it is still not a really worrisome force.
With yesterday’s fall towards $ 1.00, ADA found itself with an important zone of demand, from which two important impulses previously began. Purchase orders entered there can defend price. Added to this, those who take advantage of discount prices could exert pressure.
If we look to the left we notice that ADA is in a fairly large lateral range, which may simply be signifying the break of the major trend.
The strong rejection of the bearish intentions speaks to us of the possibility that a new bullish momentum begins very soon. As long as we don’t see a breakout of that support zone around $ 1.00, holders shouldn’t be too concerned.
To make the Cardano price forecast we are going to analyze the weekly chart. From here we notice an undoubted dominant bullish force.
The decline / consolidation that we have seen over the past few weeks is nothing more than a totally healthy pullback.
Now if the correction is complete, ADA should soon look for $ 1.83 as its 1st target. Higher up the next target is $ 2.26.
A good confirming sign of this scenario is the break of the resistance at $ 1.31.
For us to think of a broader correction to develop, support at $ 1.05 must be broken through. Even with this happening, the previous trend will likely exert upward pressure as soon as possible.
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