The price of Cardano (1) is present $0.33 after falling by 21.53% over the last week. A positive prognosis indicates that holders of ADA should act only until the price surpasses $0.41. Cardano will hit 22-month lows if it breaks through the immediate support level. The failure of the cryptocurrency exchange FTX has left the price of Cardano and other cryptocurrencies at the mercy of FTX. The third-generation cryptocurrency is now regaining ground after suffering a 21.53% price decline over the past three days and is aiming to test its key resistance level at $0.41.
Cardano’s price is almost ready to rise
The price of Cardano is still fluctuating in the lower low region between $0.31 and $0.41. ADA has attempted to overcome opposition for the last month and was close to succeeding until FTX crashed. Cardano fell and touched the immediate support at $0.31 due to the subsequent panic that caused the market to tumble.
A run-up to $0.47 may be probable if ADA keeps its position between $0.31 and $0.41 with a noticeable increase in positive momentum. With this move, traders would win 23.81% and the 50-day and 100-day Simple Moving Averages (SMAs) (2) at $0.39 and $0.43, respectively, would turn into support levels.
The long run
However, on a daily timescale, Cardano is still in a macro decline, as seen by the black dots on the Parabolic Stop and Reverse (SAR) that are now above the price. The mentioned dots’ current location indicates a strong bear trend. The macroeconomic decline appears to be here to stay as the Average Directional Index (ADX) is below the 25.0 level.
Investors must thus pay special attention to the $0.31 immediate support levels since a breach of these levels will invalidate the bullish thesis. Cardano’s price may return to the $0.28 mark, which it last touched over two years ago, in the event of such a situation.
