ADA, the native token of Cardano, is trading under sustained bearish pressure, reflecting the broader weakness across the crypto market. Now, the overall market has turned bearish, with major altcoins moving downward along with Bitcoin. But experts are indicating a bullish reversal for ADA, which may lead to $1.
At the time of writing, ADA is trading at $0.8207 with a 24-hour trading volume of $1.67 billion and a market capitalization of $29.35 billion. The ADA price over the last 24 hours is down by 3.56%, and over the last week it is also down by 11.62%, but it is showing a high potential for the next major rally.
Cardano (ADA) price bounces to $1 or drop further
According to the crypto analyst, the market is at a very important junction currently, experiencing rejection at the current prices while meticulously evaluating a very large volume level that can possibly determine the next direction. Analysts clarify that it is a very significant level because it has a tendency to reflect whether the cryptocurrency will experience upward movement or continue falling.
If support at this significant level of volumes holds, a bounce-back recovery may be next. Then the market would see a bounce, and bullish goals suggest a move upward toward the $1 level. Speculators and buyers are looking for a confirmation of a trend of vigor in this area, and that would be a prolongation of a positive trend.
But one should be cautious. If the support fails, the downtrend may persist, and prices may move further down towards $0.70. This underscores the volatility and risk that characterize the current conditions of the market, and one should monitor those significant technical indications very closely.
Currently, the market is at a crossroads, and the next sessions may determine the direction for the next phase. Investors need to be cautious and keep a eye on the bull and bear case as momentum builds.
