- Cardano has its price staying above its last support zone.
- The alt seems primed for a more than 40% downside move.
- Though upward possibilities exist, they need substantial participation by bulls.
Cardano’s price appears ready for massive downward actions from the $0.76 vicinity. Everything seems to support crashes for the token. From Ichimoku, Volume Profile, and Fibonacci standpoint, the altcoin might be ready for the biggest fall in about two years.
Cardano On a Verge of Another Drop to Sub-$0.50
Cardano price sits at its last and primary support barrier. The value area at $0.766 represents 61.8% FIB retracement and the topside area of its current 2022 lows. Also, it is the limit of the 2021 Volume Profile high-volume node.
Beneath $0.76 lies a discovery phase until the following high node plus 2021 Volume POC around the $0.35 mark. Meanwhile, sustained actions beneath $0.76 magnify the possibilities of a massive flash drop in ADA price.
The Ichimoku viewpoint shows Cardano on exponential bearishness on its daily price chart. Nevertheless, a Kumo Twist happens on 14 May, so potential downsides or extended sideways trade might conclude at that data. Furthermore, the Inner Year’s 180-day Gann Cycle remains in play, suggesting a quick direction change might still emerge.
If ADA bulls need to shift the current situation to bullish, they should propel an Ideal Optimistic Ichimoku Breakout. A daily closing at or beyond $1.05 is essential for that to happen in Cardano price.
The path to retest ADA’s all-time highs is increasingly smooth beyond $1.05 since the Volume Profile sees considerable thinning. Nevertheless, enthusiasts can expect rejections near the $1.30 value area, the level housing the 2021 2nd-largest high node and the 38.2% FIB retracement zone.
Cardano’s path with fewer challenges remains the downside. Moreover, the overall crypto market shows dominant weakness. The global market capitalization of all digital tokens stood near $1.58 trillion, losing 3.85% within the past day.
Also, Bitcoin exhibits a grim picture as the leading crypto lost the $35K mark. While writing these lines, Bitcoin traded at $34,491.60, dropping 3.89% within the previous 24 hours. Cardano will hardly flourish amid such conditions.