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10/18/2023

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ADA Price Analysis: Will ADA Exit This Triangle To Cross $0.30?

Taking a reversal from the 2023 peak of $0.462 in April, the ADA price faces extreme bearish pressure, leading to a sharp fall. Moreover, the buyers are struggling to avoid a negative YTD growth rate and...

ADA Price Analysis: Will ADA Exit This Triangle To Cross $0.30?
Cardano (ADA) Price Could Remain in Consolidation Until July 2024, Claims Analyst

Taking a reversal from the 2023 peak of $0.462 in April, the ADA price faces extreme bearish pressure, leading to a sharp fall. Moreover, the buyers are struggling to avoid a negative YTD growth rate and remain persistent in keeping the price above $0.20.

However, with the overall market teasing a strong comeback for bulls, the chances of the ADA token reaching $1, as per the Cardano price prediction, seem probable. 

With the overall downtrend motion, the resistance trendline remains prominent in the ADA price chart. However, the buyers maintain a barricade to avoid further correction and hold the price above $0.24.

Taking the long tails into consideration, a support trendline arises to complete a symmetrical triangle pattern. With the recent higher price rejection, the ADA trend struggles to regain momentum and challenge the overhead trendline. 

Moreover, the recent long wick rejection from the overhead trendline displays strong supply pressure, keeping the bullish spurt in check. Currently, the ADA price trades at $0.26 as the demand near the support trendline attempts to absorb the selling pressure and revert the trend. 

Technical indicators:

MACD indicator: As the overall trend remains indecisive within the triangle, the MACD and signal lines continue to move sideways. However, the declining bearish histograms tease a potential comeback for bulls with a positive crossover. 

EMA: With the 50-day EMA providing dynamic resistance, its breakout will signify a trend reversal. 

Will ADA Price Bounce Above 50-Day EMA?

The triangle breakout seems imminent, with the ADA prices ready to reclaim the bullish momentum. Moreover, with a market-wide recovery visible on the horizon, Cardano’s price may soon bounce back. 

If the ADA price rises above the trendline, the breakout rally can touch $0.30 before rising higher to $0.356. On the flip side, a fall below the $0.25 zone will test the $0.24 base level. 

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Photo of Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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