Cardano price has seen a lot of negative swings below the $1.50 and $1.40 levels in the last several days. Even the $1.30 support zone and the 55 simple moving average were broken by ADA.
The latest drop has accelerated below the $1.20 support level. The bears appear to be in charge, as the price has dropped to as low as $1.077. The present market activity shows that additional losses are likely below $1.08.
Near the $1.05 level, there is immediate support. Near the $1.00 level, the key support is found. The bears will be in full control if the price breaks below $1.00. In the above scenario, the price could potentially fall to $0.80 in the near future.
Near the $1.12 level, there is immediate upside resistance. The first big resistance level is at around $1.15. A clean close above $1.15 might trigger a significant surge and put the $1.20 resistance level to play.
ADA Price can crash to $0.50 if it Plunges below $1
Adding to the already bearish sentiment is a prediction for ADA by a famous Bitcoin maximalist. He has warned ADA holders of a potential nosedive that is due for the token.
Max Keiser, a prominent Bitcoin maximalist, financial expert, investor, and RT host, took to Twitter to express his thoughts on ADA’s potential short-term path.
Keiser warns that ADA could tumble down to $0.50 if the $1 support level is not defended by the bulls.
ADA is currently trading at $1.03 down by 12.1% in the last 24 hours.
However, Keiser has always been skeptical of ADA and other altcoins, arguing that Bitcoin is the only true and worthwhile cryptocurrency available.