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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
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