{"id":38128,"date":"2025-01-22T16:30:19","date_gmt":"2025-01-22T16:30:19","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=38128"},"modified":"2025-01-22T16:30:19","modified_gmt":"2025-01-22T16:30:19","slug":"cardano-price-bounces-from-key-support-level-but-theres-still-a-risk-to-crash-to-0-85","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=38128","title":{"rendered":"Cardano Price Bounces From Key Support Level, But There\u2019s Still A Risk To Crash To $0.85"},"content":{"rendered":"

Positive price action in the past 24 hours has seen Cardano (ADA)<\/a> rebounding upwards alongside the rest of the crypto market.<\/a> The entire market is up by 4.3% in the past 24 hours, a trend that has seen the Cardano price also breaking above the $1 mark again.<\/p>\n

Interestingly, Cardano\u2019s recent break above $1 comes just hours after it bounced on a support zone around $0.92-$0.95. Despite this break, technical analysis shows that there remains a risk of a Cardano price crash in the short term.<\/p>\n

Key Support Zone Interaction Near $0.92-$0.95<\/h2>\n

A technical analysis of<\/a> Cardano\u2019s 4-hour candlestick chart, shared by crypto analyst melikatrader94 on TradingView, highlights a compelling confluence as Cardano attempts to regain upward momentum. The analysis identifies a support zone near $0.92-$0.95, which coincides with an upward-sloping trendline that has served as support for many weeks.<\/p>\n

Cardano\u2019s towards the support trendline is a notable decline after<\/a> its price reached a peak around $1.16 on January 17. Furthermore, this reversal comes after the cryptocurrency experienced another upswing that began when it rebounded from the same upward-sloping trendline near $0.89 on January 13. These repeated interactions with the trendline and the support zone show the volatility surrounding Cardano\u2019s price <\/a>over the past days and the ongoing battle between bullish and bearish market participants.<\/p>\n

Since the analysis, Cardano has rebounded again just before reaching the upward-sloping trendline and is now on an upward move. As noted by the analyst, this move might push Cardano\u2019s price back toward its recent highs near $1.10. If this upward momentum is sustained, ADA may also continue upward<\/a>s until it reaches a key resistance zone between $1.10 and $1.15. A successful breach of this level would further reinforce the bullish outlook and the continuation of a broader uptrend.<\/p>\n

Risk Of Breakdown Toward $0.85 Or Lower For Cardano<\/h2>\n

For the bullish scenario to play out, ADA needs to hold firmly above the support zone and along the ascending trendline. This alignment suggests a continuation of the upward trend that Cardano has been following since late 2024. Secondly, Cardano bulls would need to break above <\/a>the resistance level highlighted between $1.10 and $1.15 in order to flip the level into support on the long-term.<\/p>\n

However, the intense volatility witnessed in the past few days opens up the possibility of a failure to hold above these levels. With this, the analyst warned that a decisive breakdown below the $0.92 level and the ascending trendline would invalidate the bullish outlook. Such a move could pave the way for a deeper correction and cause the Cardano price to drop toward $0.85 or even lower.\u00a0<\/p>\n

At the time of writing, Cardano is trading at $1.02 <\/a>and is up by 2% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

Positive price action in the past 24 hours has seen Cardano (ADA) rebounding upwards alongside the rest of the crypto market. The entire market is up by 4.3% in the past 24 hours, a trend that has seen the Cardano price also breaking above the $1 mark again. Interestingly, Cardano\u2019s recent break above $1 comes […]<\/p>\n","protected":false},"author":0,"featured_media":38129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-38128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/38128"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38128"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/38128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/38129"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}