Cardano Price at Risk of Losing $0.30 Support Amid Hydra Update

Cardano price experienced a slight decline of 0.37% to $0.34 amid a less volatile market on Saturday. As Bitcoin maintained stability above $60,000, most major altcoins saw consolidation following the mid-week rally. Will the ADA price resume recovery momentum with the Hydra Update, or will the downtrend persist?

Cardano Rolls Out Hydra Update 0.18.0

Sebastian Nagel, a Cardano core developer, recently highlighted the release of Hydra version 0.18.0. This update introduces a key feature allowing users to withdraw funds from a running head without needing to close it, improving the protocol’s overall flexibility.

Additionally, the update includes various documentation improvements, fixes for internal wallet fee calculations, and preparations for the upcoming Conway upgrade. Nagel also mentioned ongoing work on incremental commits and teased an exciting, potentially challenging demo that will be showcased at the Rare Evo event.

Hydra version 0.18.0 is out!

Major feature: withdrawing funds from an open head without needing to close

Also fixes to ready up for Conway – make sure to update.

Now back to work on incremental commits..and ofc a hellish demo coming up at Rare Evo 😈https://t.co/zegI36dZMo

— Sebastian Nagel (@ch1bo_) August 9, 2024

However, the Cardano price showed no major uptick in the last two days, leading to sideways action above $0.34. This also highlights that there was no follow-up to the Thursday rally, indicating weak conviction from buyers.

Cardano Price Hints Bearish Reversal

This week, the Cardano price bounced from $0.275 to $0.346, registering 25% growth. Along with the broader market recovery, the recent developments in Chang Hard Fork and Hydra update contributed to bullish sentiment among market participants. 

However, an analysis of the daily chart shows that the recent rally assisted in the formation of an expanding channel pattern. This pattern features two diverging trendlines, which generally signify investor uncertainty and could potentially result in a prolonged downturn.

A bearish alignment between the daily Exponential Moving Averages (20, 50, 100, and 200) accentuates that the path to least resistance is down. If market concerns about continued correction persist, the Cardano price could revert from the $0.34 level guarded by the 20-day EMA.

The potential reversal may plunge the ADA price 18% down to seek support around $0.28.

On the contrary, a breakout from the 20 EMA would mark the first win for buyers in reclaiming lost ground. The Relative Strength Index (RSI) rebounded from the oversold territory to 40%, highlighting strong demand for this asset at a discounted value.

With sustained buying, the Cardano price could rise 22% to $0.423 before facing major resistance from the channel pattern’s trendline.

Frequently Asked Questions (FAQs)

1. What could trigger a recovery in Cardano's price?

A breakout above the 20-day EMA could signal a shift in momentum, marking the first significant victory for buyers.

2. How is the expanding channel pattern affecting Cardano's price movement?

The expanding channel pattern, marked by two diverging trendlines, drives major price swing with no stable direction indicating growing investor uncertainty.

3. Which are key resistance level for ADA price?

In the daily time frame chart, the ADA price face strong resistance against $0.37, followed by $0.423.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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