The crypto space is again trembling down the cliff. Major Altcoins are about to shed all the gains incurred during the previous trading day. No doubt the assets are leaving no stones unturned in maintaining the support levels, yet the market appears to have chosen its path towards the south.
Currently, Major Cryptos like Bitcoin, Ethereum, etc are slowly falling into a downward trajectory which may be flipped into a bearish well in the next couple of hours. However, Cardano(ADA) price still stands strong but the possibilities of a correction cannot be fully nullified.
The ADA price flipped as it touched the bottom close to $1 and surged high along the rising channel. The asset was quite successful in surpassing the crucial resistance levels. But failed to pierce through the upper resistance of the channel.
Cardano (ADA) Price To Retrace ?
Woefully, the present-day trade also began on a bearish note but the asset is attempting pretty hard to sustain above $1.55 levels. However, the asset currently is showcasing both possibilities of surging above $2 or else plunging down to $1 also.
- The cardano price is testing the crucial resistance levels. Despite an initial rejection, the asset may attempt multiple times in the coming couple of hours
- The ADA price may range high surpassing through current resistance at $1.557 and later at $2 to hit the upper levels at $2.32
- Yet the possibilities of a notable retracement cannot be fully eliminated. If this happens the altcoin may revisit the immediate support levels at $1.39
- If the asset fails to sustain at these levels, then it may further slide down to the lower crucial support levels at $1 which appears quite unlikely.
Collectively, Cardano price is currently on its path to go parabolic and hit the highest levels at the earliest. Yet the bears also could hamper the rally, extracting profits every now and then. On the other hand, bulls may also keep up the bullish momentum that may prevent the price from drowning below the support levels.