Cardano On The Brink Of A Notable Plunge, $1 May Be At Stake For ADA Price


The post Cardano On The Brink Of A Notable Plunge, $1 May Be At Stake For ADA Price appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The entire crypto space is attempting hard to sustain at their respective levels to avoid further drain. Yet Cardano appears to remain out of the crowd and shed some extra gains. After the asset hit its 3-month low, it was expected the ADA price would experience a notable rebound, yet the downtrend appears to have been set in place. And hence following the downtrend, the asset may also plunge below $1 if it fails to rebound. 

The asset has plunged more than 7% since the early trading hours after undergoing a weekly plunge of more than 12%. Cardano maintained a considerable downtrend for the past couple of days. However, the asset did attempt to rebound and also marched up to hit $1.844 but plunged very quickly to $1.633. And hence, a popular analyst, Micheal de van Poppe predicts the price may even plunge below $1 in the coming days. 

I’m still expecting $ADA to drop a bit more before we’re going for a new run.

Technically, with most of the crypto at this point.

(put aside the strength on Metaverse etc.)

— Michaël van de Poppe (@CryptoMichNL) November 24, 2021

The analyst considered the previous highs, lows and also the accumulations and hopes the downtrend may be imminent. He believes the price despite a surge may eventually end up plunging to the lower levels. Considering the current scenario, the ADA price is constantly draining without any stoppage or rebound. And hence the second case where the analyst hopes the downward trajectory to maintain appears to hold true. 

Collectively, Cardano price is feared to drain with a notable margin as the markets are fueling the drain. Moreover, no signs of a recovery are foreseen with the ADA price and hence a notable downtrend appears pretty clear. However, $1.5 still remains the strong level to maintain and a decline below these levels could validate a bear market. 

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