Cardano price prediction: Why ADA can drop 30% to $0.3

The Fibonacci levels plotted based on Cardano's drop from $0.81 in March showed that the 23.6% southward extension was the next target.

that could see the token reach $1 in the coming weeks. Its social metrics have also improved as sentiment strengthened. However, the price action was not inspiring.

Additionally, in early April, the mid-range support level at $0.567 was breached and a sizeable imbalance was left on the chart. This region was retested as resistance in mid-April.This was reflected in the OBV which was back at a support level from earlier this year. Until buying volume and the OBV trends higher, more losses would be likely.The Fibonacci levels plotted based on the move down from $0.81 in March showed that the 23.6% southward extension at $0.3 was the next bearish target.

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