Cardano Struggles Beneath $1, Will It Rest Above Its Crucial Support?

Price of Cardano (ADA) has been unstable following larger market trends. Bitcoin slid upto 20% over the past week and major altcoins followed through. Bitcoin’s revisit to levels that it hasn’t touched for months has caused other altcoins to plummet considerably. In just 24 hours, ADA nosedived 20% and over the last seven days, the coin posted over 30% loss in market value. ADA has been one of the worst performing altcoins of the month causing investors and buyers to flee the market. Continued sell off could cause the coin to dip further and rest near the $0.40 mark. Amidst other worrying factors, such as increasing inflation, hiked interest rates and an impending recession, broader market weakness could continue to bother the stability of the crypto industry. Cardano Price Analysis: Four Hour Chart ADA’s price at the time of writing stood at $0.50 which marks more 60% fall from its all all time high of $3 last year, September. The coin has almost noted a 35-week downtrend and the recent bearish price movement has made it nearly impossible for the coin to display chances of rebound. The coin continues to paint extreme oversold conditions. The coin depicted a downward trend (yellow) affirming the bearish thesis. At the current price level, Cardano might find a support level at $0.40. Investors might fight that scenario to be a buying opportunity which could lift ADA’s prices upward. In case of a rebound,...