Cardano Price Prediction: ADA to rebound by 15% – FXStreet

Akash Girimath Akash Girimath
FXStreet

Cardano price has seen a massive downswing over the week, causing it to slide below crucial barriers. Fortunately, this correction is above a significant demand zone that will likely trigger a buying spree, pushing ADA higher.
Cardano price has nearly halved in value since its all-time high at $3.11 on September 2. ADA is currently trading at $1.85 and is fast approaching the 6-hour demand zone, ranging from $1.68 to $1.79.
This support area is significant in deciding the directional bias for the so-called “Ethereum-killer.” Since Cardano price has sliced through the range low at $1.91, it is in the deep discount area, and which means bears could potentially be taking a break. 
A successful bounce off the demand zone mentioned above will likely propel ADA back above the range low. Beyond this, Cardano price could retest the $2 psychological level, indicating a 10% upswing from $1.79.
In some cases, ADA might revisit the $2.08 ceiling and collect the ‘buy stop’ liquidity resting above it. This move would represent a 15% ascent.  
ADA/USDT 6-hour chart
ADA/USDT 6-hour chart
The upswing narrative detailed above for Cardano price is contingent that the downswing recedes as it bounces off the $1.68 to $1.79 demand zone. However, if ADA produces a lower low below $1.68, it will invalidate the bullish thesis.
This development could trigger a 12% crash to the immediate support level at $1.46.

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Cardano price has seen three consecutive down candlesticks denoting an aggressive seller-dominated regime. This massive sell-off seems to originate from the influential lead crypto Bitcoin and is affecting many altcoins. 
Solana (SOL) price action is getting hammered in the ASIA PAC session as support breaks down as a result of inflated tail risks leading to traders reassessing their positions.
Crypto.com Coins (CRO) price is under siege from geopolitical tensions that have been put back on high alert after a Bloomberg interview with the Indonesian president.
A period of controlled selling has kick-started and is currently approaching short-term support levels. A minor relief rally might occur – before the next leg down to inefficiencies and liquidity. The current down move has broken significant levels that could trigger a massive sell-off in the future. 
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