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Bitcoin and Ethereum are fighting tooth and nail to stay above $41,000 and $3,100, respectively, plunging the whole crypto market to new lows. However, Cardano, the top-ranked crypto asset, remains robust above critical levels, albeit it may soon shake.
During its ascent, the asset has tested these levels several times, and each time it has flipped forcefully. However, the present test may be a little different because the chances of a comeback are very slim.
The ADA/USDT had a lovely price action, with a significant run in 2021. Furthermore, despite reaching highs of nearly $3 in September, the asset has been on a clear downturn since then.
Cardano has lost 60% of its value since then, with a couple of rallies around $2. The bottom levels at $0.82 or $0.65, on the other hand, appear to be pre-programmed, whereas a new ATH beyond $4.45 or more than $6 is evident.
Cardano’s price is once again testing critical support around $1.1, and a flip is urgently required. Only when the ADA price overcomes the $1.5 levels will a rise be confirmed, and an upper goal of $2.4 at 0.5 FIB levels may be envisaged. Maintaining the bull run, the ADA price might eventually slash through the 1 FIB level that runs parallel to the ATH, smashing new highs around 1.5 FIB levels near $4.4.
On the other hand, Cardano fails to range with the FIB levels. The lower support levels may finally draw to it. It may drop below $1 and test the $0.82 support levels first. Even though these supports look weak, the ADA price might fall to strong levels around $0.65.
However, there are high hopes for Cardano smart contracts, which have been used in several applications. As a result, once the crypto space stabilizes, a deep dive to the north with the ADA price may be predicted.
