Will Cardano(ADA) Price Ever Hit $1 Before the End of Q2? If Not, These Levels May Be Imminent!
The most powerful Ethereum killer appears to be in deep vain as the prices are sliding down for the past couple of days. The ADA prices have slashed heavily and reached levels below $0.86 in no time. Despite a slight recovery, the prices are expected to drain into the deep bearish well aiming to hit the lower support at $0.77 at the earliest. However, whether a strong flip will be ignited at these levels or not, needs to be ascertained.
After being pulled down by 180 degrees, the Cardano price stood at the same levels from where it ignited a strong rally a month before. Moreover, with the BTC price showcasing huge weakness, the crypto market structure may remain bearish for more time. Nevertheless, the price still appears to have a chance to recover from its losses with just a small push above the 50-day MA levels.
The 50-day MA has plateaued for nearly a week as the price has reduced its volatility to a large extent. Interestingly, one of the important resistance levels also collides along with MA levels, pointing out at these levels are extremely important to clear. And hence until and unless ADA price does not breach these levels, traders cannot expect a bullish outlook.
However, even if the price manages to slice through these levels, the price may face a barrier at 100-day MA at $1.02. Therefore the path towards the crucial resistance at $1.2 which certifies the recovery phase, may only be clear after testing and clearing $1.02 levels. Yet currently, the Cardano(ADA) price appears to be capitulated by the bears and only a strong upward push may prevent the price from dropping hard.Source