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Home Crypto News Analysis Cardano Price Prediction: A Trend Reversal Possible As ADA Is Nearing Critical...

Cardano Price Prediction: A Trend Reversal Possible As ADA Is Nearing Critical Demand Zone

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As the cryptocurrency market plunged, Cardano’s price broke the $1.24 support threshold. ADA price will likely fall into the demand zone between $1.15 and $1.19 before a trend reversal. The bullish thesis will be invalidated if buyers fail to hold $1.15 as support.

Read: Cardano Foundation Launched Cardano Developer Portal And Celebrated It By Minting World’s First NFTA On Cardano Blockchain


Cardano price has been in a downward trend since July 5, and this sell-off might be ending. A rebound from the critical demand zone will trigger a new uptrend.

cardano price prediction

Cardano’s price has fallen by 21% since July 5, after reaching $1.49. ADA is trading at $1.21, and Cardano price could reverse its current position to head higher or plunge into a support area ranging from $1.15 up to $1.19. The market structure of Bitcoin makes it likely that there will be an uptrend, no matter when it begins.

Read: Cardano Milestones: Why Cardano Is In High Demand And Popular Choice Of Retail And Institution Investors

Therefore, investors can expect buyers to grab ADA and break the immediate resistance barrier at $1.25 to enter the next demand zone that extends from $1.28 to $1.31.

Read: Cardano Founder Update On Alonzo

stromgain

A shift in momentum favoring the bulls will be confirmed by a decisive 4-hour candle closing above $1.30; this could extend the ADA uptrend towards the resistance at $1.37 and $1.45 in bullish cases. The ADA could cross $1.50 if buying pressure persists after overcoming $1.45, acting as a strong resistance.



Although the bullish scenario appears logical, a spike in selling pressure can break the demand zone of $1.15 and $1.19, which would indicate buying weakness. A decisive 4-hour candle closing below $1.15 would eliminate the bullish thesis and confirm the downtrend, potentially extending the downfall to $1, which is physiological support.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

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