The price of Cardano (ADA) has again dropped under the important border of $ 1. This level is considered by investors as a psychological threshold, and a decrease underneath can cause ADA-Bulls. Historically, the $ 1 limit has often acted as strong support or resistance, which may have influence on future price movements.
Some analysts consider this price decrease as a signal that the downward trend can persist in the short term.
ADA prize shows weakness after double rejection
On January 17, the Cardano course still acted above $ 1.16. Since then, however, the ADA price has fallen almost 16%, with the Altcoin now dropping below the $ 1 limit. This marks the second time that the race was unable to break through the resistance of $ 1.15.
Analysts indicate that this double rejection can indicate fatigue under Ada-Bulls. This could indicate that the course of Cardano can look forward to further challenges in the short term.
Cardano course can fall to $ 0.70
Experts suggest that the price of ADA may continue to fall to the support level of $ 0.90, with a worst-case scenario where the price even reaches the $ 0.70 limit. This level coincides with the 200-day advancing average (200 EMA), a historically important support level, especially during bull markets.
A decrease up to $ 0.70 would amount to a correction of almost 29% compared to the current rate.
Bullish prospects continue to exist
Despite the recent price fall, many analysts remain optimistic about Cardano. Under the leadership of Charles Hoskinson, who now acts as a consultant for the Trump administration, the Cardano network is expected to play a more important role among the new Republican government.
In addition, the Ecosystem of ADA will continue to Innovate, with the recent development the upcoming Chang Hard Fork, which will make further improvements to the network.
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Source: https://newsbit.nl/cardano-ada-koers-zakt-onder-1-gaat-de-prijs-verder-dalen-naar-070/
