Cardano to Find the Bottom of the Current Bear Cycle in November; Will The Crypto Space Also Remain Consolidated?
The post Cardano to Find the Bottom of the Current Bear Cycle in November; Will The Crypto Space Also Remain Consolidated? appeared first on Coinpedia Fintech News
Just a few days ago, the SEC named a handful of tokens as securities, and since then they continue to possess a sluggish trend. Cardano, being a part of the list is facing difficulty in rising above $0.3 levels along with the other tokens, including Solana, Polygon, etc. All of these tokens have experienced an average of 15% to 18% as a couple of exchanges also delisted them creating massive selling pressure.
The ADA price underwent a decent rise from $0.24 support and tested the resistance at $0.3 but failed to sustain as the bears remained active at these levels and extracted their profits. The price is now trading around $0.282 and the 55 simple moving average. A bounce from these levels may lift the price beyond $0.305 levels and eventually reach resistance at $0.325 or even $0.345.
To reach the resistance at $0.32, the ADA price is required to clear an interim resistance just below $0.3 at $0.29. However, the trend appears to be under a bearish influence, and hence a breakout from the u-shaped recovery could be imminent. In the event of a breakdown, the price is believed to drop towards the lower support at around $0.2429 and continue to consolidate around these levels.
As regulatory concerns continue to prevail over the Cardano price, the volume is expected to remain lower. In such a case, the ADA price may remain consolidated along the lower support or along the current levels for an extended period, waiting for a bullish push. Presently, key support levels are at $0.272 and $0.265 and resistance levels are at $0.295 and $0.305.
Besides, in the long term, the trend is expected to remain under a bearish influence until November 2023 as per a popular analyst, Benjamin Cowen.
The analyst here compared the Cardano bearish cycles of Jan 2018 to March 2020 and September 2021 to date and believes that the descending trend is not over yet. Hence. The ADA price is believed to drop another 15% to 20% and mark the bottom for the current bear cycle and later trigger a significant rebound
