CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
NullTx 2025-02-01 20:31:02

CARDANO PRICE ANALYSIS & PREDICTION (February 1) – ADA May Experience Broad Correction if This Support Cracks

Unlike many mid-cap altcoins, Cardano’s ADA is still within a buying range despite posting notable losses in the past weeks. It now trades near a crucial support, where the next market phase will be determined. ADA’s market structure remains weak due to a steady reduction in the past months. This suggests a strong bearish presence while undergoing a deep correction daily. Still, its mid-term bullish trajectory remains intact. However, the crucial $0.8 level has been standing as support since it initiated drops two months ago. Technically, things are likely to get uglier soon following the new sell order building up from the $1 level. As we can see on the daily chart, ADA has been gathering volatility for almost two weeks, subjecting trading to choppy price actions. Due to this, we may see a crash. The key target level to watch would be $0.4. Currently, the selling pressure is low due to a lack of interest from the bears’ side but we can anticipate a major move when they show strong commitment. That should trigger a heavy supply in the market. The only condition for a bullish move right now lies in a rebound. If the mentioned crucial level continues to provide support, we can consider an upward movement with a double-bottom pattern. As it stands, the bears are most likely to have an upper hand in the near term. ADA’s Key Levels to Watch Source: Tradingview Breaking down the holding $0.86 support could cause a serious sell-off to $0.765 and $0.65 before reaching the mentioned key target level. If ADA continues to hold the mentioned level well, we may see a bounce back to $0.988. Retaking January’s $1.152 high should send us to the $1.32 resistance with a potential break up to $1.5. Key Resistance Levels: $0.988, $1.152, $1.32 Key Support Levels: $0.86, $0.765, $0.69 Price: $0.93 Trend: Bearish Volatility: Moderate Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: angrysun/ 123RF // Image Effects by Colorcinch

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.