Cardano‘s price has noe regained its 8th position surpassing Solana. It was not because the ADA price underwent a strong rally but only because the other asset is experiencing a steep bearish trend. As the prices are currently pretty much uncertain, yet another drop below $0.45 is pretty much possible before igniting a strong flip.
Considering the higher time frame, the ADA prices are swinging with a huge falling wedge, which is pretty bullish. But eventually, to ignite a bullish breakout, the asset is required to reach the lower support below $0.45 again. However, the asset has reduced its volatility to a large extent in the past couple. Therefore, amid the current bearish clouds hovering above the crypto space, ADA price appears primed to drop hard close to $0.4 in the coming days.
As mentioned in the above chart, the ADA prices are swinging between 0.2 and 0.6 FIB levels and woefully, the prices are testing the lower support at 0.6 FIB levels at $0.48. If these levels are not held strong, then the lower support is at 0.78 FIB levels and may be tested ahead. Here the possibilities of a rebound emerge, however, the prices may soon drop as an outcome of a retest. It may not head to 1 FIB level but may ignite a strong rebound at $043 to $0.44 levels.
Therefore, as the prices are heading strongly towards the month-end, the asset could retest to the lower FIB levels. With a bearish monthly close, the prices may head further to ignite a significant recovery back above $0.5 initially. However, following an uptrend further, the ADA price may reach the crucial levels around $0.85 to $0.9. From here the possibility of hitting $1 emerges, yet may not be sustainable until the price secures levels above $1.2.