Cardano price must hold critical support level to avoid 15% drop

• Cardano price trades right above a key support level on the 4-hour chart.
• Losing this critical point would lead ADA into a 15% fall.  
• The digital asset is contained between two significant moving averages.

Cardano has been trading sideways for the past 48 hours above a key support level on the 4-hour chart. The digital asset must stay above $1.18 and crack $1.20 for a significant breakout, otherwise ADA will fall steeply.

Cardano price on the verge of a major move

Cardano is trading at $1.18 at the time of writing, right above a key support trend line that coincides with the 100 SMA at $1.16.  

ADA/USD 4-hour chart

A breakdown below these two key support levels will drive the Cardano price toward the psychological level of $1, as there is almost no other support below.