Cardano (ADA) Price At Risk Of Dropping Below $0.30, Analyst Maps Bottom Levels
On October 19, Major cryptocurrencies were trading in the negative zone. Cardano price crashed to a low of $0.360. Network updates have failed to shift sentiment, with ADA price facing the threat of sub-$0.30.
On the upside, Currently, the region between $0.4216 and $0.4440 represents the crucial resistance. ADA could surge to $0.4800 if it breaks the current resistance zone.
On the downside, if ADA price drops below $0.30 the token might end up trading below $0.2800.
The prominent cryptocurrency analyst has taken to Youtube to warn about a potential Cardano price collapse due to the rising bearish momentum.
ADA recently smashed a crucial support zone, prompting Jason Pizzino to discuss the asset in his latest strategy session, wherein he warned that the price is likely to dip below $0.30 soon.
Cardano Price Eyes $0.2800 level
Pizzino’s outlook was highly bearish, and he feels that there is no way that Cardano can ever make it above $0.60 again.
Take a look at May’s low ($0.40). Since it has fallen below it and is acting as resistance on the daily chart, it is possible that future Bitcoin (BTC) price movements will be less bullish.
Given its much weaker position in the macro chart below, he continues to believe that ADA will be plunging into the teens ($0.17) to lower $0.30 levels when Bitcoin falls or experiences corrections.
ADA is currently trading for $0.37. According to Pizzino, ADA has a chance to break the fall if it manages to pull off an unexpected rally this month.
“Only a rapid reversal above those prior support levels within the month of October, followed by a consolidation above $0.40, will preserve ADA from this. Until then, ADA is likely to continue having difficulty and will likely continue to decline.”