Cardano Fails to Hold $0.5 – What’s Next?

0
23

Cardano was up for a few days of recovery after the crypto market rebounded last weekend. At one point, ADA actually managed to break above the crucial $0.5 price. Many analysts expected the coin to consolidate above that, but it has since moved back below it. So what happens next for ADA? First, here are some notable highlights:

  • ADA retreated slightly but could still retest $0.5 with improved sentiment

  • The coin will however need to see an increase in trading volume for this to happen.

  • Failure to recover $0.5 could push ADA back to $0.380 support in the near term

See also  Sell ​​Ripple (XRP/USD) as prices stagnate for a chance to buy lower

Data Source: TradingView

Cardano Price Analysis and Prediction

After a massive crypto selloff over the past week, the market started to rally over the weekend. ADA indeed broke above $0.5, a crucial support zone that it had managed to hold for a few weeks. However, the altcoin failed to hold the price there.

Instead, ADA pulled back and is now trading around $0.48. However, there is still a possibility for the coin to jump above $0.5. But based on relatively lower trading volume, ADA might struggle to make that happen. Nonetheless, if the bulls can somehow regain $0.5, ADA will need to break above $0.55 to have any chance of staying above.

See also  Bank uses 56 times more energy than Bitcoin: Value Chain Report

In fact, a sustained accumulation here could trigger a run towards $0.63 in the near term. But if the weakness persists, ADA could see a major dip that will push it towards its monthly support around $0.380.

Will ADA bounce back?

Well, ADA has actually bounced back in recent days. The pullback seen over the past 24 hours could be a beep in an otherwise decent run.

See also  Bitcoin S2F Model Gives False Sense of Certainty, Says Vitalik Buterin

But since the sentiment in the market is not yet fully restored, it is likely that ADA faced a major loss of momentum. As such, a more steady decline could occur in the days ahead.

LEAVE A REPLY

Please enter your comment!
Please enter your name here