Published 1 hour ago
Cardano Price Analysis: Despite the ongoing uncertainty, the Cardano coin price is strictly following two technical levels which are a downsloping trendline and a crucial support of $0.377. Thus, these two converging levels are gradually squeezing the ADA price indicating the formation of a descending triangle pattern. In response to this pattern, the coin price is more likely to break the bottom support and prolong the prevailing downtrend.
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Key Points:
- The 38.2% FIB and 100-day EMA accumulated at the $0.38 level create a strong support zone.
- A breakout from either side of the triangle pattern will determine the future trend of Cardano’s price.
- The intraday trading volume in the ADA coin is $189.3 Million, indicating a 13% loss
Source- Tradingview
By the press time, the Cardano coin price trades at the $0.38 mark and shows a 0.8% intraday gain. The recent reversal from the $0.377 support suggests the altcoin will continue its consolidation phase within the triangle pattern.
Thus, if the supply pressure persists, the ADA price is most likely to breach the $0.377 neckline support in the coming week. A daily candle closing below the neckline will provide sellers with a new resistance level to offset the recovery attempt from buyers.
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The post-breakdown level may tumble the Cardano price 24% lower to hit the $0.285 support at 78.6% Fibonacci retracement level.
However, a less likely yet possible breakout above the overhead trendline will undermine the bearish thesis and trigger a new recovery cycle.
Technical Indicator
Moving Average Convergence Divergence: The MACD(blue) and a signal(orange) breakdown below the mean signal a bear trend momentum in the market.
Exponential Moving Average: A bearish crossover between the 20-and-100-day EMA may encourage Cardano sellers for $0.377 support.
Cardano Coin Price Intraday Levels
- Spot price: $0.3815
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.42 and $0.46
- Support level- $0.37 and $0.34
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/cardano-price-analysis-bearish-pattern-sets-ada-price-for-24-fall-but-theres-a-catch/
