Sign Up on MEXC
As the overall market remains uncertain about the future of Bitcoin’s spot ETF, the altcoins become highly volatile with a price jump on one day followed by a sharp correction on the other. In particular, even blue-chip coins like Cardano are hit by such volatility. Struggling to sustain the positive cycle within a triangle pattern, the ADA price remains at a crossroads. With the price ready to bounce within the triangle pattern to give a bullish breakout, the possibility of a downfall to $0.20 keeps cautious traders at bay.
Also Read: What Next For Cardano And Polkadot As Tradecurve Markets Shakes Up The Crypto Exchange Space
Will $0.24 Support Hold Under Bearish Pressure?
- The ADA price could see a 6% rise before hitting the next significant resistance near $.26.
- The Triangle pattern breakout will end the current consolidation phase and lead to a directional trend
- The intraday trading volume in the ADA coin is $143 Million, indicating a 16% loss
Source- Tradingview
Following the long-term downtrend in the Cardano coin price, the crucial support level at $0.24 provides a bullish cushion. With the overhead bearish pressure resulting in multiple lower-high formations, the price actions lead to a resistance trendline.
Moreover, the $0.24 support level led to multiple lower-price rejections, leading to a support trend line, which completes a symmetrical triangle.
Currently, the ADA coin price action displays a sideways trend within the triangle pattern after the recent double-top reversal. As of now, the price action displays a bullish struggle to continue the positive cycle as the overhead bearish pressure kicks in.
Currently, the ADA price trades at $0.2483 with an intraday fall of 1.20%, leading to a bearish candle.
Will ADA Price Give The Triangle Breakout?
Taking a closer look at the daily chart, both the converging trend lines forming the triangle have provided multiple contacts to the price trend. Such contact points increase the credibility of the trendlines and make it difficult to determine the further price trend.
However, with the ongoing correction, the possibility of a downtrend breaking below the support trendline seems probable. In case the support trend line fractures, the ADA market value can plunge to $0.20.
On the flip side, a bullish comeback will boost the Cardano price higher to $0.26, leading to a triangle breakout. In such an optimistic case, the triangle breakout rally can reach $0.3.
- Moving Average Convergence Divergence: A potential bullish crossover between the MACD(blue) and signal(orange) lines supports a price jump to the overhead trendline.
- Bollinger Band: The uptick in the lower boundary of the Bollinger Band indicator moving along $0.24 increases the support strength of this level.
- US SEC Delays Canary HBAR and Grayscale Polkadot ETF, Here’s Why
- Trump Family’s Crypto Wealth Soars $1.3B via WLFI, Eyes Real Estate Tokenization
- Eric Trump Clarifies Ties in Asia Other Than Metaplanet, MTPLF Stock Slips
- Metaplanet Nears 500% YTD Following New BTC Purchase, Bitcoin Price Rebounds
- Dogecoin Leads Altcoin Market Rally Amid DOGE ETF Optimism
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
