Will Cardano Price Crash To $0.31 Or Rebound To $0.92?

Key Insights:

• Whales dumped 200 million ADA in March, increasing bearish pressure on Cardano.
• ADA risks falling to $0.31 if $0.60 support breaks.
• Bulls are eyeing $0.73 resistance for a potential recovery toward $0.92.

Cardano price traded at $0.68 on April 1 after defending the $0.60 support level. However, data showed that whales sold 200 million ADA in March, fueling downside pressure.

ADA’s technical setup remains conflicted. While some traders see a bullish pattern forming, others point to a looming breakdown.

Whale Exodus Rattles Cardano Price Sentiment

Ali, a market analyst, flagged the large-scale dump of ADA. In a March 31 post, he wrote:

The sell-off triggered bearish momentum. This pushed Cardano’s price below a critical support range identified near $0.65.

In a follow-up, Ali warned:

The term “significant” allows for varying interpretations. However, the context suggests that increased volatility is on the horizon. This may have implications for ADA in the upcoming market shifts.

ABCDE Triangle Gives Bulls a Lifeline

Despite bearish pressure, some traders argue a bullish reversal remains possible. RJT, a pseudonymous analyst, noted on March 31:

He added that a bounce from the 0.5–0.618 Fibonacci retracement zone could “set up a massive move to $1.5.”

RJT’s chart showed Cardano price currently hovering above the $0.6472 Fibonacci level. IfBulls defendinghis zone, ould open a recovery toward $0.92 or higher.

However, the chart also reveals a risk of a breakdown toward $0.31 if $0.60 fails. The RSI sits at 44.09, hinting at neutral momentum with a slight bearish bias.

Eyes on $0.73 Resistance While Bears Lurk Below

CW, another trader, emphasized the confluence support zone. of ADA

In a recent post, he wrote:

If key conditions align, he expects Cardano price to rally toward the $1.9 range. Still, CW warned about an existing “selling wall” at that level.

NIn the nearterm, ADA must reclaim $0.73 to confirm a trend reversal. Failure to do so risks a deeper drop.

Technical Landscape Suggests Imminent Decision

TradingView chart showed that Cardano price was trading sideways inside a rectangle ABCD chart. The token has bounced multiple times from the $0.60 zone.

Bulls nemustlip the 0.236 Fibonacci level at $0.79 to regain control. Resistance also lies at $0.95, $1.02, and $1.20.

The current formation resembles a textbook ABCD harmonic pattern. If completed, it could propel ADAto $1.25. However, such moves require strong volume—cwhich is urrently lacking.

ADA faced a critical test at $0.60. Whales have already exited in large numbers. IBearsmay drive ADA down toward $0.31. if bulls fail to defend current levels However, if Cardano price breaks above $0.73, it could challenge higher resistances.

Disclaimer

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.