ADA Price Falls From $0.5, Buy Now or Wait?

ADA Price Falls From $0.5, Buy Now or Wait?
  • ADA fell from the critical $0.5 support level.
  • Current price is $0.4626, which was never seen since early 2021.
  • Strong support level is found in the $0.38 to $0.40 zone.

Cardano (ADA) appears to become the next major altcoin to receive a heavy beating, as the price fell from $0.5 overnight. At the time of writing, ADA is changing hands at $0.4626, according to CoinMarketCap.

This is a shocking spectacle, as ADA price never touched this low since early 2021. That said, is it a good time to buy ADA or should people still wait?

ADA/USDT 1-day chart (source: TradingView)

As seen on the chart above, ADA price has had an astounding run from the end of 2020 until now. However, things look dismal for the time being. ADA has exhibited a Descending Triangle pattern in the 1-day chart, which signals a trend reversal. 

More often than not, Descending Triangles indicate a bearish movement more than a bullish one. If this turns out true in the case of ADA, then the price may slip further until the $0.38 to $0.40 range. This is a very strong support zone that dates back to 2018.

Conversely, traders may consider buying ADA soon since the Relative Strength Index (RSI) is at 32. This means that ADA is definitely oversold.

Meanwhile, ADA supporters need not lose heart, as the recent support collapse is not an isolated event. As crypto trader and analyst Lark Davis said, most altcoins are in a crucible.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.