Most of the altcoins are hovering in a misty environment where the next move is very tough to predict. Cardano price trends make it still tougher as it swings within a very narrow range lower the targets to end the yearly trade. And hence a short-term plunge may be possible towards the support levels before making another move.
With a drop in the trading volume of about 25%, the selling pressure is currently mounted compared to that of the buying. And hence the buying volume currently is just preventing the asset from revisiting lower levels. The bulls currently are completely passive and hence no signs of the asset reaching the upper resistance are seen. Moreover, the bears can make every effort to drag the price to the strong support levels around $1 yet again.
The asset appears to have undergone a serious downtrend ever since it reached its highs. Despite attempting to consolidate and accumulate strength, the bears appear to have always been on the upper hand. And therefore the chances of the asset hitting the important support yet again emerges. Once the support levels are tested successfully then the asset may flip and pull a massive leg up to hit the immediate resistance levels at $1.7.
However, the target to end the year lies around the ATH, yet on the bullish note, Cardano may hover above $2. ADA price seems to be away from the market trend and hover within a negligible range. And hence the asset could range high with a notable influx of liquidity as the bulls could enter as the asset hits the $1 support levels.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
