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Cardano fails to hold $0.5 – What next?

ByNdasi Tata

Jun 23, 2022

Cardano was up for a few days of recovery after the crypto market rebounded over the last weekend. At one point, ADA in fact managed to surge past the crucial $0.5 price. Many analysts expected the coin to consolidate above this but it has since pulled back below. So, what happens next for ADA? Here are some notable highlights first:

  • ADA has retreated slightly but could still retest $0.5 with improved sentiment

  • The coin will however need to see a surge in trade volume for this to happen

  • Failure to reclaim $0.5 could push ADA back to the $0.380 support in the short term

Data Source: TradingView 

Cardano price analysis and prediction

After a major sell-off in crypto over the past week, the market began to recover this weekend. ADA in fact went above $0.5, a crucial support zone that it had managed to hold for a few weeks. However, the altcoin failed to keep the price there. 

Instead, ADA retreated and is now trading at around $0.48. However, there is still an opportunity for the coin to jump above $0.5. But based on relatively lower trade volume, ADA may struggle to get there. Nonetheless, if bulls can somehow regain $0.5, ADA will need to surge past $0.55 to have any chance of staying above.

In fact, a sustained accumulation here could trigger a run towards $0.63 in the near term. But if weakness persists, ADA may see a major cliff dive that will push it towards its monthly support of around $0.380.

Will ADA rebound?

Well, ADA has actually been rebounding over the past few days. The pullback seen over the last 24 hours could be a bleep in an otherwise decent run. 

But since sentiment in the market is yet to fully recover, it is likely ADA has faced a major loss of momentum. As such, a steadier decline could come in the days ahead.

The post Cardano fails to hold $0.5 – What next? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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