Cardano (ADA) has had its issues in recent weeks. As the overall market rebounds, ADA has been slow to break out. But despite this, the coin started to show signs of momentum after pushing out towards $1.2 in the last few days. But that uptrend has slowed. Can ADA tank be below $1? Some analysis is below but first, here are some highlights:
Cardano (ADA) saw a decisive bullish uptrend that took it to $1.2 over the last few days with gains of around 13%.
The coin has however faced stiff resistance around that threshold and was trading at $1.18 at press time.
If selling pressure continues, it is likely that Cardano (ADA) could fall to its support zone of $1 and further lower.
Data Source: Tradingview
Cardano (ADA) – Price analysis in the near term
After the bulls managed to push a 13% swing over the last 6 days, it is now clear that Cardano (ADA) is losing momentum around the $1.2 mark. At the time of writing, ADA was trading at $1.19. Although this is slightly lower than the $1.2, the coin still faces massive resistance around that zone.
We expect the altcoin to fall short once again and fall back to $1. Besides, other indicators also show some bearish outlook. ADA for instance still remains lower than its 50-day simple moving average. If bulls don’t push it above $1.2, then a fall towards $1 will be inevitable.
Is Cardano (ADA) still a good buy?
Cardano (ADA) has faced a lot of weakness over the last few weeks. It has not shown the kind of bullish uptrend that many major coins have. So, you may wonder if ADA is still a decent asset to buy.
The answer is yes. As one of the leading coins in the market, there is still so much value to unlock from Cardano, especially from a long-term point of view.