Cardano Stands Strong Amidst Bearish Market, ADA Price Assured of a 20% Upswing Soon!
16 Jun, 2022•1 min read•Altcoins
Cardano (ADA) price stands strong above $0.5, making a quick recovery from the bottoms. The recent price plunge dragged the price to a 14-month low, which was defended each time it visited. The ADA price had lost more than 55% of its value since May, out of which the asset had already recovered more than 60% until the Celcius Network crisis dragged the entire crypto space to its knees.
While BTC price broke down from the crucial support around $28,700 and dropped hard to hit the bottom at $20,200, ADA price quickly retracted above $0.5 from $0.449. Currently, the price is trading within a parallel consolidation and hence the lower support could be held, while the upper resistance maybe not broken either.
Cardano (ADA) Price Analysis – Short TermAs mentioned before, the ADA price is trading within a parallel channel respecting the resistance and support levels.Currently, the price is getting rejected from the middle bands of the channel and hence may again reach out to the lower support.Here one can expect a significant bounce that may again regain the positions above $0.5. If ADA can break through this resistance, the price is likely to continue its uptrend and reach $0.70 in the near future.At present, ADA bulls seem to be in control driving the price towards the $0.55 resistance level. Traders can expect an actual bullish trend if ADA Price must stay above this level.On the other hand, if the altcoins drop from the aforementioned support level ADA/USDT could drop to the $0.37 level due to a rise in selling pressure.Source