NewsletterWill Cardano Price Regain $0.7 Mark In April?
Highlights
- An ascending trendline leads the mid-term uptrend in the Cardano price.
- A confluence of support at $0.567 creates a high area of interest for buyers.
- The intraday trading volume in the ADA coin is $20.6 Billion, indicating a 40% loss.
For over a month, the Cardano price has witnessed a steady correction amid the Bitcoin price consolidation of around $68000. From the peak of $0.8, the ADA price plunged to $0.57 support, registering a 28.5 fall. This correction further developed into a head and shoulder pattern indicating the Cardano coin is poised for further correction.
Also Read: ETFSwap ($ETFS) Presale Skyrockets As Ripple (XRP) And Cardano (ADA) Traders Scramble To Get In
Cardano Price at the Mercy of a Key Technical Threshold
With the overall market sentiment in the correction zone, the Cardano trend showcases a bearish takeover. The daily price chart displays the ADA price trend making a head and shoulder pattern with the neckline at $0.567. In theory, this chart pattern is commonly spotted at market top reflecting a surge in market selling pressure.
However, the bullish support leads to a bounce back in the altcoin and projects a potential high momentum uptrend. As the bearish pattern fails to play out, the ADA price offers a double-bottom possibility as it tests the long-coming support trendline.
Currently, the ADA price trades at $0.58 with a 1.93% intraday drop reflecting an increase in overall supply pressure. However, the lower price rejection evident by the tail formation teases a potential bullish reversal.
The bearish pattern neckline coincides with the support trendline and the $0.567 level. This reflects a pivotal point at play for Cardano that could set the future price trend.
If the buyers manage to uplift the prices with a double bottom reversal, the ADA price could hit the $0.68 mark. However, a downfall below the critical support could plunge the market value by 20% to hit $0.46.
Technical Indicator:
- Relative Strength Index: The daily RSI slope to 41% indicates the sellers are leading the ADA’s current price movement.
- Exponential Moving Average: The fast-moving 20-day EMA acts as dynamic resistance to bullish bounces indicating the near-term trend is bearish.
- UK Follows U.S. Lead in Adoption, Grants Crypto Full Legal Property Status
- Breaking: 21Shares Amends Dogecoin ETF Filing to Reveal Fees & Other Details
- Franklin Solana ETF Set to Begin Trading Amid NYSE Arca Listing Approval
- Breaking: US SEC Deliberates on Approving FLEX Options on BlackRock Bitcoin ETF (IBIT)
- Crypto ETF News: SEC Blocks 3x and 5x ETF Filings, Calls for Major Changes or Withdrawal
- Ethereum Price Breaks $3K as Fusaka Upgrade Goes Live Today: How High Can ETH Surge?
- Litecoin Price Jumps 10% as Vanguard Opens LTCC Access — How High Can LTC Go?
- Pepe Coin Jumps 14% Amid Market Recovery — Is a 50% Rally in Sight?
- Hedera Price Surges 10% After Canary Capital HBAR ETF Goes Live on Vanguard
- Bitcoin Price: What’s Next For BTC After Fed Chair Jerome Powell’s Speech?
- XRP Price Slowly Forms a Rare Pattern as Ripple ETFs Near $1B Milestone
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
