Cardano price has reduced its volatility significantly in recent days, forcing the price to trade in smaller areas. Currently, ADA price has broken a key support that has accelerated a bearish trend. The decline is currently dragging the price closer to the crucial $0.4 support level, after which Cardano may lose its hold on the bullish trend for some time.
Will the ADA price rally sustain the bullish momentum or continue to drop below $0.4, eventually reaching $0.3 in the near future?
A popular analyst who once predicted the collapse of crypto markets, including bitcoin, long ago believes that the price of ADA is about to fall hard. After testing the same support levels around 5 times, Cardano broke heavily during testing during the early trading hours. However, the asset is still trading within the support zone, leaving room for the bulls to handle the rally soon.
Currently, Cardano price is around $0.43, which is slowly recovering from the losses it suffered a few hours ago. It looks like the asset is currently recovering from the day’s low of $0.426 but the uptrend is not valid. Therefore, after a short-term rally, ADA price is expected to continue with a bearish trend.
Collectively, ADA price is likely to rally after falling below lower support, but an upper resistance could be held below $0.45. On the other hand, both volatility and volume remain sharply low and this could notably affect the price. Bulls remain offshore and hence forcing Cardano price to remain hazy but bearish under pressure.