Cardano Price is at a Major Support Level! Will the ADA price rebound or go below $1?
With the start of the weekend, the crypto world is once again exhibiting a noticeable positive trend. The classic cryptos are staying within a reasonable range, and as a result, the big altcoins are following to maintain a noticeable increase.
As a consequence, following a heavy blow to the lower support levels, which resulted in a flip, the ADA price is again nearing the same levels once more. However, the asset is anticipated to flip each time, but the severity of the flip may determine the following leg.
Since the beginning of the bull run in 2021, the asset has often touched the support level ranging from $0.9 to $1.1. As a result, it becomes one of the most powerful levels of support to maintain.
As a result, anytime the asset reaches the zone, it tends to flip with a strong bullish momentum. However, the price is now quite close to the zone’s bottom ranges, indicating the probability of slicing through these levels and diving down.
The Cardano price is now exhibiting a complicated pattern, as it is exhibiting both the possibility of a solid upswing and the possibility of a significant downturn.
The RSI is neutral and waiting for the respective volume to increase so that the price might diverge in accordance with the volume.
Fortunately, the MACD shows a reduction in selling pressure in the near term, and the indicator is about to issue a buy signal in the long run.
However, the volatility indicator, average true range, points to a high volatility rate in STF, implying that a big movement in price is possible regardless of direction.
On the other side, the Bull-Bear power is demonstrating the bears’ present and long-term developing strength. As a result, the asset might be engulfed by the bears at any stage during the climb.