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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 has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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