MEXCCardano 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
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