Fortunately, this correction is above a significant demand area, which could trigger a wave of buying pressure, pushing up the ADA price.
Cardano’s price has almost halved from its high of $3.11. ADA is currently trading at $1.86, and is quickly approaching the 1.79-hour search area between $1.68 and $1.79.
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The support area is crucial in determining the deviation of altcoins. With Cardano’s price breaking below the bottom of the $1.91 range, it is in a deep discount area, indicating that bears may take a break.
A successful bounce from the above search area could bring ADA back above the bottom of that range. Additionally, Cardano’s price may retest the psychological level of $2, representing a rise of about 1.79% from $1.79.
ADA could test the upper limit of $2.08 and gather liquidity above that level. This move would signify a 15% increase.
The rise of Cardano depends on whether the decline will be constrained by the demand area between $1.68 and $1.79. However, if ADA creates a lower limit below $1.68, the bullish argument will be invalidated.
This development could trigger a 12% drop to the immediate support level of $1.46.
