NewsletterThese Factors Are Limiting The Cardano Coin Growth
It seems the world’s largest cryptocurrency-Bitcoin refusal to break below the $18000 mark, has caused uncertainty in the crypto market. As a result, the majority of coins have been facing a volatile sideways action for around two weeks now. However, its Cardano coin showed more weakness as it dropped by 12.85 within a fortnight. So is more loss expected for its holders?
Key points from Cardano price recovey:
- Cardano coin price following a descending triangle pattern
- The 100-day EMA slope offers a dynamic resistance
- The intraday trading volume in the ADA coin is $103.6 Billion, indicating a 104.6% gain.
Source- Tradingview
The ADA/USDT technical chart shows the formation of a descending triangle pattern in the daily time frame chart. The coin price has resonated within this pattern for the past four months and has thrice tested its crucial barriers, i.e., resistance trendline and $0.417 neckline.
Thus, the above statement reflects that the traders respect this pattern, which should significantly impact the Cardano coin’s future price. Anyhow, in theory, this technical set-up promoted the continuation of the prevailing trendline. Therefore, the coin holders should keep a close high on $0.417 support, as its breakdown will bring a sharp downfall in market price.
Furthermore, the coin price responds to another pattern within the triangle one. The falling prices revealed a descending wedge pattern. As a result, the Cardano coin price is trading at the $0.42 mark and retesting the bottom support level.
Furthermore, the wedge pattern should encourage a bullish reversal from $0.417 support upon the breakout of its resistance trendline. Doing so will surge the altcoin by 9% to meet the triangle’s resistance trendline.
However, until the overhead trendline is intact, the coin buyers may struggle to establish a sustainable recovery.
Technical Indicator
EMAs: the downsloping(20, 50, 100, and 200) indicates an overall downfall and projects a potential rally may face multiple hurdles in case of downwards.
Vortex indicator: a significant gap between the bearishly aligned VI+ and VI- slope indicates sustained bearish momentum.
- Resistance levels- $0.46, and $0.52
- Support levels- $0.42 and $0.35
- Bitcoin Price to $100K or $80K as Matrixport Predicts Bulls-Bears Impasse?
- Shiba Inu Launches Major Shibarium Privacy Upgrade Following New AI Gaming Deal
- Bitmine Immersion (BMNR) Buys 14,618 ETH Amid Rising Institutional Interest
- How Will Crypto Market React to Over $15B in Bitcoin, ETH, XRP Options Expiry?
- Balancer Set to Refund Investors After Recovering Funds From $128M Exploit
- Solana Price Set for Upside as SOL Hits Record 99% Tokenized Stock Share
- Is XRP Price Gearing Up for a Rally as Reserves Collapse?
- Dogecoin Price Hovers Above $0.15 as Bulls Eye a Fresh Breakout
- Shiba Inu Price Could Rally As SHIB Burn Rate Surges 790% in 24H
- Binance Coin Price Faces Steep Risk as Key BSC Metric Crashes 75%
- Zcash Price Prediction — Is a Rally Ahead After Grayscale’s Bold ZEC ETF Bid?
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
