Bitcoin has failed to break through critical barrier levels yet again, fueling negative sentiments. While Bitcoin’s fear, uncertainty, and doubt remain strong, this has had a significant impact on Altcoins.
Altcoins are trending in the opposite direction of market expectations, causing panic among investors. Although significant investors like MicroStrategy continue to “buy the dip,” crypto analysts remain divided regarding the market’s short and mixed direction.
Altcoin has not been immune to the crypto market’s current sell-off. Its value has plummeted by over 45 percent since its all-time high. Cardano Price is failing to construct primary support at $1 as a result of the enormous freefall.
Cardano Price Outlook
The increase in volume as Cardano approaches the 1.20 support zone suggests that new lows could be reached, possibly in the 0.84 to 0.94 range.
If the bears break through $1.07, the first key support is at $1.00. Support can be found at $0.913, $0.847, $0.8, and $0.75. The important support level for ADA, according to the pivot point, is $1.10. If it does go higher, though, the crucial resistance level to watch is $1.70. The first resistance level, on the other hand, is $1.20. Following that are $1.30, $1.42, and $1.50.
The bulls’ attack on the resistances at $1.4 and $1.8, respectively, looks to be validated by the Relative Strength Index (RSI) rebound from the oversold region. The bullish narrative will be bolstered with a daily close above the 200 Simple Moving Average (SMA).
The Cardano price appears to be on the verge of breaking through its crash low of $1; at this point, the bearish impulse must halt and reverse back higher, allowing for some short-term relief. However, if the pessimistic narrative persists, the prices will continue to fall.