NewsletterCardano Price Analysis: Bearish Pattern Sets ADA Price for 24% Fall, But There’s a Catch
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.
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.
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
- Is Tether’s Stability at Risk? S&P Downgrades USDT Amid BTC Exposure Concerns
- Senate Targets Dec. 8 for Crypto Market Structure Bill Markup as Bipartisan Talks Gain Momentum
- Bitcoin Could See Huge Institutional Inflows as Nasdaq Boosts BlackRock IBIT Option Caps
- ‘Huge News’: Scaramucci Reacts as JPMorgan Files for Bitcoin-Backed Structured Notes
- Breaking: Grayscale Files S-3 to Convert Zcash Trust Into Spot ETF
- MON Price Prediction: Why Monad Could Be Heading Toward $0.10
- Will Hype Price Hit $50 as Whales Buy Ahead of the $314M Unlock?
- Is Bitcoin Price at Risk of Crash as Treasury Companies Plan Fire Sale?
- Binance Coin Price Prediction as VanEck Files Spot BNB ETF — Is $1,000 Next?
- Dogecoin Price Prediction: Will NYSE ETF Push DOGE to $0.30?
- Pi Coin Price Surges Above $0.25 Ahead of Major November 28 Announcement
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
