The crypto space renounced magnificently from the previous day’s loss due to the ongoing Russia-Ukraine crisis. Bitcoin price slashed by more than 11% while Ethereum was down around 15%. But the new day trade began with the markets rebounding. The majority of the asset found out their earlier positions. Yet one such popular crypto asset that is still carrying the burden of the plunge is Cardano. The ADA price continues to swing within the descending trend without restoring the market’s bullish momentum.
Ever since the war-like situation had evolved, the global markets including crypto markets were deeply impacted. The losses appear to have been neutralized as the prices rebound strongly. However, the ADA price continues to maintain a steep descending trend. This may lead the price to visit lower levels, somewhere around $0.5 or below. And if the current consolidation continues, then it may be extremely difficult for the asset to regain the lost momentum.
As mentioned in the chart, the ADA price is still maintaining the steep descending trend. The multiple attempts to flip the trend went nullified and hence the price trend remained to drown in a deep well. Interestingly, the asset has formed a notable ‘H&S’ pattern, and the price has already been tested and broken down towards the south. The key neckline levels were around $0.9 which were not held strong. And hence this may certify further with the next downtrend incoming very fast.
Maintaining a similar pace, Cardano is feared to lose some of the pivot levels and plunge below $0.5 with the next leg down. Here it is mandatory for the traders to buy Cardano at the dip else the asset may face huge rejections in the upcoming days. On the other hand, the search volume has depleted drastically as huge ADA addresses are still in huge losses. Therefore, being away from the market trend, ADA prices may continue to dive deep down.