Cardano price looking towards a 30% bounce in the near-term if it can maintain above a crucial level

Cardano (ADA) price has struggled to maintain momentum in recent weeks, with the hype surrounding the launch of the mainnet Shelley upgrade starting to be boring. At press time, ADA is trading around $ 0.109, a slight increase of 2% over the past 24 hours. This has severe implications for Cardano as it has inherently struggled to sustain the massive uptrend it had previously suffered.

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ADA/USD 4-hour chart | Source: TradingView

Cardano price still trading below daily highs of $ 0.112 that was set just before yesterday morning’s dip

With the current price of $ 0.109, marking a noticeable drop from the recent low of $ 0.1 placed at the bottom of yesterday’s sell-off. This proves that Cardano has not yet entered its recovery phase. It is important to note that this sell-off proved to be extremely short-lived and came about as Bitcoin dropped from $ 11,600 to as low as $ 11,150.

The movement created shockwaves across the market, and while BTC has offset all of its losses, ADA is still trading below its daily high of $ .112 – having been established shortly before falling yesterday morning.

Analyst Cold Blooded Shiller stressed that he is on track to drop to $ 0.09 as this is a “sweet spot” for long-biased swing trades.

Crypto trader Michael argues that ADA is currently holding above the key medium-term support it has formed relative to its BTC trading pair. He notes that continuing to hold above this level may be enough to propel Cardano up to 30% against BTC in the near term.

He stated:

“Skipped the first point of interest, but getting at the crucial level already. Holding in green, and we might see a 30% bounce.”

cardano-price-looking-towards-a-30-bounce-in-the-near-term

Crypto Michael’s Chart | Source: TradingView

Cardano’s next trend may depend in part on whether the short-term price action of Bitcoin and Ethereum continues to provide an ideal backdrop for altcoins to recover.

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