Tuesday, May 17, 2022
Banner Top

The crypto-space is correcting once again after a slight upswing for the past couple of days. While the other crypto assets are utilizing all their resources to reach out and sustain above their immediate resistance levels, ADA appears to be content by trading above $1. Bitcoin price had at least attempted to surpass $39,000, but Cardano rally is diminishing its volatility to trade just above $1 levels constantly. 

Advertisement

However, these levels could be challenged with an extreme negative wave impulse that could drag the price to its initial levels before the 2021 bull run. Cardano widely remains unaffected by the external factors and hence the launch of DEX and also functioning of the first DEX SundaeSwap is not making much difference for the ADA price. And hence lower levels may be fast approaching through the weekend.

The ADA price for a very long time has been trending within a descending triangle with strong horizontal support. Each time the asset quickly rebounds within no time, but the current scenario is a little diverse as it is consolidating on the support for nearly a week. And hence without receiving the required boost it may slide down slicing the support levels. 

Moreover, the next support level is at a distance of around $0.683.No doubt there are a couple of support levels in between but they do not appear strong to sustain. It may trigger a minor pump but it would be short-term. Therefore, until and unless the market trend changes a little or a heavy influx of volume floods the market, one cannot expect any major change with the Cardano(ADA) price

Show More
Tags: , , ,

Related Article