Cardano Price Analysis: Should You Enter ADA at $0.24 Dip?

Despite prevailing uncertainties in the cryptocurrency market, the Cardano price remains resilient above the $0.24 mark, a steadfast support that has consistently withstood market pressures over the last nine months. In addition, the Momentum indicators RSI has highlighted an uptick in buying interest around this crucial support. This convergence suggests that the asset might be primed for a potential turnaround and the commencement of a recovery phase.

Also Read: Charles Hoskinson Reveals Major Cardano Updates

Will ADA Price Lose $0.24 Support?

• The $0.24 support could bolster a 15% rally in the near future
• A breakout above the triangle pattern could kick-start a new recovery
• The intraday trading volume in the ADA coin is $108 Million, indicating a 30% gain

Source- Tradingview

The Cardano coin price in the weekly time frame chart shows the prevailing downtrend has started to turn sideways above the $0.24 level. In the last nine months, the coin price has rebounded from this support at least thrice, indicating the intense demand pressure at this level. 

Such a downward trajectory going sideways usually reflects an accumulation phase which usually results in a macro trend bottom. While the $0.24 is bolstering buyers with firm support, the buyer’s attempt to recover is currently hampered by a down-sloping trend line. 

These two technical levels, which currently strongly influence the ADA price, indicate the formation of a descending triangle pattern. Until the two levels of the triangle are intact, the ADA coin price may witness a sideways trajectory. 

However, in theory, this pattern is known to recuperate the exhausted bullish momentum and trigger a directional downturn upon the breakdown of its neckline support. Therefore, if the Crypto seller gave a breakdown below the $0.24 support with a weekly candle closing, the Cardano coin price may catch up to the next support around $0.18.

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Will Buyers Start a Fresh Recovery?

Should buying pressure at the $0.24 juncture remain unyielding, a challenge to the triangle’s upper boundary could be in the offing, A decisive move above this resistance would alter the prevailing market narrative, signaling a potential trend reversal. In such a scenario, post-breakout momentum could carry the Cardano price toward the $0.45 mark, setting the stage for further gains.

• Relative Strength Index: Concerning the price retest to $0.24 support, the daily RSI slope shows an evident rise indicating the rising buying pressure at lower levels.
• Bollinger Band: The narrowing range of Bollinger Band indicates uncertainty among market participants