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Cardano Price Bounces From Key Support Level, But There's Still A Risk To Crash To $0.85
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Cardano Price Bounces From Key Support Level, But There’s Still A Risk To Crash To $0.85

Scott Matherson
Scott Matherson
5 months ago
3 mins read
Cardano

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Positive price action in the past 24 hours has seen Cardano (ADA) rebounding upwards alongside the rest of the crypto market. The entire market is up by 4.3% in the past 24 hours, a trend that has seen the Cardano price also breaking above the $1 mark again.

Interestingly, Cardano’s recent break above $1 comes just hours after it bounced on a support zone around $0.92-$0.95. Despite this break, technical analysis shows that there remains a risk of a Cardano price crash in the short term.

Key Support Zone Interaction Near $0.92-$0.95

A technical analysis of Cardano’s 4-hour candlestick chart, shared by crypto analyst melikatrader94 on TradingView, highlights a compelling confluence as Cardano attempts to regain upward momentum. The analysis identifies a support zone near $0.92-$0.95, which coincides with an upward-sloping trendline that has served as support for many weeks.

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Cardano’s towards the support trendline is a notable decline after its price reached a peak around $1.16 on January 17. Furthermore, this reversal comes after the cryptocurrency experienced another upswing that began when it rebounded from the same upward-sloping trendline near $0.89 on January 13. These repeated interactions with the trendline and the support zone show the volatility surrounding Cardano’s price over the past days and the ongoing battle between bullish and bearish market participants.

Cardano
ADA making an attempt to regain upward trajectory | Source: Melikatrader94 on Tradingview.com

Since the analysis, Cardano has rebounded again just before reaching the upward-sloping trendline and is now on an upward move. As noted by the analyst, this move might push Cardano’s price back toward its recent highs near $1.10. If this upward momentum is sustained, ADA may also continue upwards until it reaches a key resistance zone between $1.10 and $1.15. A successful breach of this level would further reinforce the bullish outlook and the continuation of a broader uptrend.

Risk Of Breakdown Toward $0.85 Or Lower For Cardano

For the bullish scenario to play out, ADA needs to hold firmly above the support zone and along the ascending trendline. This alignment suggests a continuation of the upward trend that Cardano has been following since late 2024. Secondly, Cardano bulls would need to break above the resistance level highlighted between $1.10 and $1.15 in order to flip the level into support on the long-term.

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However, the intense volatility witnessed in the past few days opens up the possibility of a failure to hold above these levels. With this, the analyst warned that a decisive breakdown below the $0.92 level and the ascending trendline would invalidate the bullish outlook. Such a move could pave the way for a deeper correction and cause the Cardano price to drop toward $0.85 or even lower. 

At the time of writing, Cardano is trading at $1.02 and is up by 2% in the past 24 hours.

Cardano
ADA trading at $1 on the 1D chart | Source: ADAUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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