ADA is another crypto that has taken a battering of late with the Cardano price around 50% down from the highs registered in late April. Having said that, the coin appears to be showing remarkable resilience although it has pegged back slightly from its June 29 price of $1.38.
Cardano is currently trading just above the $1.32 level and retraced again over the past 24 hours by around 4%, not much of a descent but negative nonetheless. There appears to be some buying volume as the coin consolidates around the $1.35 level for afurther leg up to the $1.40 mark and over.
Short Term Forecast for Cardano Price: Overcoming Resistance at $1.40
After a recent attempt to test the $1.40 resistance level on June 30, ADA has been in steady decline. In fact, the Cardano price may fall even further to around the $1.15-1.17 mark before another substantial rally commences. Still, the ADA price has appreciated by an impressive 40% since its June 22 low of $1 which represented a fall of 60% from its May 18 high of around $2.31.
Although the current situation may appear to be bearish for ADA, this may be necessary for additional buyers to grab the coin at a good discount. One would expect a further pullback to below the $1.20 level for this scenario to materialize. Alternatively, the bulls may begin the charge forward now but that seems unlikely at the rather high price of $1.32.
ADA Long Term Forecast
The rejection at $1.30 has led to an 8% swing down to around the $1.30-1.32 level. Although it was expected to test a higher high at around $1.40, the resistance was swiftly met with a turnaround. With Bitcoin continuing to hover around the $33,000 level, one may expect some more regression in the ADA price before the next rally begins.
Although the $1.15-1.19 price range is a realistic possibility now, buyers can eventually push the price up by around 25% although this bullish thesis appears rather far fetched for now. If that price level is breached, the next level of resistance is to be encountered at $1.61 where ADA would be seen as being well into recovery territory and in bullish mode.
However, if there is further selling pressure at the lower end of the scale. Cardano may even retest the June 22 low of $1 which would be a psychologically significant price point. In all likelihood, ADA will continue moving between the $1.20 and $1.30 levels before starting a rise to the $1.40-1.60 mark.
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Gerald Fenech
