Cardano is Yet Again at A Significant Risk, Will ADA Price Extend Its Accumulation Beyond The Limits?

Time Stamp: February 9, 2022 1:54 AM
Source Node: 1605179

The uncertain behavior continues within the crypto space yet again as many crypto assets tremble down after surpassing crucial resistance. Most of the cryptos including Bitcoin, Ethereum, Cardano, etc. surge beyond their crucial resistance levels in the past couple of days and quickly get exhausted. Moreover, the ADA price is now feared to plunge back below its crucial levels to showcase a possible downtrend. 

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Cardano price remained more silent ever since the asset smashed its highs just before the Alonzo hard fork. Even the launch of the smart contracts on the platform failed to uplift the price with a decent margin. And hence since then the asset is inculcating minute jumps and corrections yet appear to be programmed to be limited within narrow ranges. 

The ADA price currently has been rejected at $1.2 which it was trying to smash for almost a fortnight. Moreover, the asset also manifests the possibilities of plummeting back and falling into the same consolidation yet again.

The ADA price is hovering along with one of the important support levels all along $1.1 and despite maintaining a clear uptrend, the asset is consolidating along this line. As the selling volume appears to be pretty high, the possibilities of the asset plunging towards the lower support at $1 are slightly high.

However, as like every time, the asset may flip but the intensity of the rebound may be less which may compel the price to keep up in a consolidated range. 

Summing up, the crypto space is yet again becoming more and more uncertain which may impact the market sentiments to a larger extent. And hence a notable surge followed by a flip with similar intensity may not be enough for the bull rally to get ignited. Therefore, the Cardano(ADA) price may continue to consolidate and hover around similar levels for a very long time. 

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