The new week start was quite bullish with many of the tokens were in the green. However, as the Asian trade kicked off, the bears overpowered the rally. Cardano price amid the uptrend was rallying high above $1.37 but in the present case, a huge selling pressure appears to have mounted which dragged the price below $1.34.
The trading throughout the previous week remained still without much volatility and hence mild variations were at par. Yet the resistance and the support levels were also squeezed out into a narrow region. Also pointed out by the Bollinger band indicator, ADA price is nearing a significant breakout.
The compressed ends of the Bollinger bands point out towards a probable breakout from a no-trade zone. But the direction of the breakout is yet to be ascertained. However, nearly 4 red candles have already signalled the possible price movement. Yet a downtrend cannot be valid until a break out from the support levels of the band.
Free-Fall Could Also Be On The Way For Cardano Price
The entire crypto market has once again showcased its uncertainty by constant flips within the bulls and the bears. The trend which initially remained constant for a couple of days has now reduced to just hours. Most of the tokens fail to keep up the uptrend and lose the bullish grip within a very short time frame. Just like ADA price which followed an uptrend is feared to lose $1 levels too.
An analyst, Joy_Bangla, has the most insane predictions for Cardano price. While the ADA predictions rolled out so far hold bullish to hit $5 or $10, the analyst believes the price could slide close to $0.22 to $0.28 levels. The prediction is based on an indicator called ‘Ichimoku cloud’ which signals the upcoming price movement.
Collectively the entire crypto space has yet again flipped into bearish divergence by losing most of the gains. Cardano price also experiences an extreme sell out and could slip to lower positions if failed to sustain the trembled situation. However, the ADA price could plunge to new lows but whether the $0.22 to $0.28 forms the target area, is still very misty.
Also Read: Do Not Sell Your Bitcoin, Ethereum, Cardano or XRP, Know Why!
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Source: https://coinpedia.org/price-analysis/is-it-the-time-to-be-bearish-on-cardano-price/
