Source : coinquora.com
- Cardano’s (ADA) $1.00 value range is still under threat.
- ADA closed at a 10-month low recently, reflecting prices from March 16, 2021.
- ADAs goal is to break through and close above $1.08 in order to launch a bullish breakthrough.
Cardano’s (ADA) $1.00 value range is still under threat. ADAs price movement closed at a 10-month low, reflecting the levels of March 16, 2021. Cardano’s price has steadily maintained the $1.00 value level as its key support. The current bearish market may influence ADAs price down to sub-$1.00 levels.
Currently, the Relative Strength Index (RSI) of Cardano is still within the 70/30 range. It is also approaching the RSI level of 40; the RSI has been closing in on 40 for the past ten days. Moreover, it has no indication of lowering.
Cardano’s goal is to close above $1.08 in order to launch a strong bullish breakthrough. ADA has closed daily candlesticks right below $1.08 for the previous twelve days.
The constant back and forth of the price against the 50% Fibonacci retracement at $1.00 has caused significant tension. As a result, a breakthrough could cause the price to launch another leg higher.
Once broken through, Cardano should be able to get into the $1.30 zone easily for the bulls. The Kijun-Sen, 38.2 percent Fibonacci retracement, the bottom of the Cloud (Senkou Span A), and the 2022 Volume Point of Control are all located at $1.30. All of these alongside the oscillators support a price range breakout.
However, there are also dangers looming if Cardano drops below $1.00.
The market is in a bearish market once the Relative Strength Index falls below 30. This will result in an extremely pessimistic sentiment towards ADA. Additionally, the Optex Bands would begin to move out of neutral and enter oversold territory.
It is projected that Cardano’s price would revisit the $0.91 lows of 2022.