Cardano, the top 8th crypto asset has been poorly performing of-let as the price plateaued within pre-defined regions for a longer time. The asset has been withstanding tremendous pressure which is not allowing the bulls to uplift the price beyond the local resistance above $0.56. Therefore, the presently monthly trade is expected to close on a bearish note.
Will ADA price reach the $0.4 support level or reach $0.55 as high by the end of Q3? Let’s see!
The asset has been trading decremental since the beginning of 2022 after it lost the $1 mark in mid of April 2022. Further, the extreme negative market conditions drove the price down by more than 65% from the yearly highs. Currently, the asset does not appear to have risen above the bearish trap and hence may only foresee a bullish rally after recording new bottoms.
As seen in the above chart, the price of ADA has declined heavily and has been unable to recover mainly since May 2022. Despite several failed attempts, the asset has respected the key support at $0.4. But in the coming days, a breakout of these levels emerges as the asset has made a clear bearish flag.
A breakout from the consolidation may compel the price to hit the lower support at 0 FIB levels just below $0.4. However, the recovery may not be quick and hence the price could consolidate around these levels until mid-September. By the end of the Q3 trade, the ADA price could rise high and surpass FIB 0.23 levels at $0.516.
If the asset remains at these levels, the bulls could push the price of Cardano close to the 0.38 FIB level near $0.6 in the first few days of Q4 2022.
