Cardano price has seen a considerable loss in its worth over the past month and is currently on delicate grounds. While bearish as it may seem, ADA could see a minor uptrend as bulls attempt a comeback.
Cardano price has shed roughly 50% over the last 35 days and is currently hovering above the $0.805 support level. As ADA approaches this level, bulls are likely to gather steam and trigger a quick run-up.
This upswing will propel Cardano price by 25% to the immediate resistance level at $1. This psychological barrier is crucial as it puts ADA one step closer to retesting the 2021 volume point of control that hovers around $1.20.
If bulls overextend their welcome, ADA could have a chance at retesting $1.20, bringing the total gain to 51%.
However, if Cardano price fails to bounce off the $0.805 support level, bad consequences await for the so-called “Ethereum killer.”
If buyers fail to show up at $0.805, there is a good chance momentum will knock Cardano price below this level. A daily candlestick close below $0.805 will confirm a flip of the support level into a resistance barrier and invalidate the bullish thesis.
Such a move will open the downward path for ADA to head to $0.676, which is the last line of defense. The bulls have another chance at a comeback around this foothold, failing to do so could lead to a steep correction to $0.459.
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