Cardano (ADA) Could Drop To $0.78 Before A Bullish Reversal
Cardano (ADA) is in a sideways consolidation, defending the $1 level. Despite the flat price, Cardano millionaire addresses are aggressively acquiring, as Coinpedia has reported. In January, ADA whales increased their stakes by 40%.
ADA Short-Term Price Action
Cardano is now trading at $1.04. The key supports of $0.92 — $1.03 are projected to hold, keeping the ADA bulls intact. Currently, (ADA) is exhibiting indications of stability, but the ADA’s outlook remains bleak.
Investors might discover some attractive purchasing opportunities around the $1.02 demand zone. However, the price failed to break over the $1.061 horizontal barrier.
If the price goes below $1.00 and closes lower, it opens the door for Cardano to plummet to considerably lower levels in the immediate term. On the plus side, a significant break over $1.25 might spark a tremendous rally to $1.6.
The Daily Relative Strength Index (RSI) momentum oscillator is nearing oversold territory, indicating a likely bearish crossing. This demonstrates investors’ dissatisfaction with the bull market.
