Cardano Price Drops Below $1: Can ADA Reclaim Its Momentum?

Story Highlights

Cardano’s price fails to hold its $1 mark.
The ADA price records a strong bearish reversal and drops ~14% today.
Technical indicators experience a bearish convergence, however, a potential bullish reversal can be expected.

The cryptocurrency market has turned bearish this week with top tokens recording a significant drop in their respective portfolios. Moreover, with Bitcoin price dropping ~6%, the Cardano price has plunged below its $1 mark.

With the ADA price maintaining its value above the $0.90 mark, will it make a comeback this week? Or will the altcoin plunge toward its lower support levels?

ADA Price Breaks Down Its $1 Mark!

The Cardano price has recorded a correction of 13.82% in 24 hours with a trading volume of $3.224 billion. This has resulted in this altcoin plunging below its important psychological barrier of $1 this week. Moreover, it is currently exchanging hands at $0.9139.

The SMA indicator is on the verge of experiencing a bearish convergence in the 1D time frame. This indicates an increase in the selling-over-buying pressure in the cryptocurrency market.

Further, the Relative Strength Index (RSI) hints at a potential plunge below the overbought range. Moreover, its average trendline displays a similar price trend. This suggests a negative outlook for the altcoin this week.

How High Can ADA Price Go?

If the bears continue maintaining momentum, the Cardano token will retest its support level of $0.90. Further, if the bearish sentiment intensifies, this could pull the ADA coin price toward its lower support level of $0.80 in the upcoming time.

On the positive side, if a bullish trend reversal occurs, the Cardano price could reclaim the psychological mark of $1. Moreover, if the bulls gain momentum, this altcoin could head toward its upper resistance level of $1.20.

What’s next for the ADA token as it achieves the $1 mark? Read CoinPedia’s Cardano Price Prediction and also subscribe to us to stay updated on the latest crypto-related news!