NewsletterADA Price Prediction: New Bearish Pattern Puts Cardano Price Under 10% Downside Risk
ADA price Prediction: within a fortnight, the Cardano coin price turned down twice from $0.355 resistance indicating the sellers are actively defending this level. The two bearish reversals revealed the formation of a double top pattern, which could accelerate the selling pressure if the price breaks below the neckline support. here’s how this pattern may influence ADA price’s future movement.
Key Points:
- The ADA price faces strong supply pressure at $0.355 resistance
- Under the influence of the double top pattern, the Cardano coin price could slide to the $0.3 mark
- The intraday trading volume in the ADA coin is $386 Million, indicating a 28% gain
Source- Tradingview
The recent recovery phase in the Cardano coin price takes a major stop at $0.355 resistance. Over the past two weeks, the buyers failed twice to surpass the aforementioned resistance revealing the formation of a double top pattern in the daily time frame chart.
In theory, this bearish reversal pattern showcasing two reversals from the same resistance level indicates exhausted bullish momentum. As of now, the ADA price trades at the $0.33 mark with an intraday loss of 3.36%.
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With sustained selling, the Cardano price may tumble 3% to challenge the $0.32 neckline support. A potential breakdown below $0.32 will accelerate the selling pressure and may plunge the coin price another 7.5% to revisit the last swing low support of $0.3.
However, the ADA price will hold a possibility to recuperate bullish momentum if buyers show sustainability above the $0.32 or $0.3 supports.
Technical Indicator.
Relative Strength Index: the daily RSI slope wavering near the midline reflects a neutral sentiment among market participants.
EMA’s: the 50-and-100-day EMAs act as a dynamic resistance against the rising ADA price.
Cardano Coin Price Intraday Levels
- Spot price: $0.334
- Trend: Bearish
- Volatility: High
- Resistance level- $0.355 and $0.38
- Support level- $0.32 and $0.2
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