Logo
Cardano Ecosystem

Coinpedia

07/28/2022

·

800 views


Cardano(ADA) Price in a Critical Zone, What May be the Next Move?

The post Cardano(ADA) Price in a Critical Zone, What May be the Next Move? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide Cardano‘s price with the recent jump had sliced through the upper resistance of...

Cardano(ADA) Price in a Critical Zone, What May be the Next Move?

Cardano‘s price with the recent jump had sliced through the upper resistance of the descending triangle, displaying the possibility of maintaining a notable uptrend. However, similar to a previous couple of times, the asset again faced rejection from $0.5 levels, intending to swing with the bearish pattern. 

The ADA price as seen in the above chart again faced a rejection that may now drag the price back into the descending triangle. Woefully, the asset could not reach even the previous highs close to $0.5 as bears dominated below $0.52. Currently, the ADA price has regained $0.5 after visiting the lows at $0.489. 

ada

However, this minor jump may certainly not be considered a rebound, as bears continue to mount pressure at the top. On the other, hand, the asset has formed a bullish flag and the consolidation has reached towards the apex. Therefore a strong breakout is expected to uplift the price beyond $0.53. But if the descending triangle is respected, then the current plunge may continue and slice the lower support. 

In such a case, the Cardno (ADA) price may be primed to drop below $0.48 initially and attempt to consolidate above the crucial support at $0.44. If an extreme bearish wave strikes the markets, the asset is expected to pierce through the support zone between $0.44 and $0.436 and hit the lower support below $0.4.

However, these conditions are pretty unlikely to occur, as a steep downtrend may ignite only when a huge FUD is been circulated like the LUNA-UST, Celsius or 3AC. Until then the ADA price may hover within healthy zones. 

Was this writing helpful?

AD

Proposals Catalyst F14 - Cast your vote, search "Otavio" in the Voting App.

If you are you using your ADA to vote in Cardano’s Project Catalyst don’t forget to voice your vote. We would be excited if you can see, comment, share and vote for us. Tip: To find them its easiest to search for "Otavio"Vote for Us


Read Original Article on Coinpedia

ORIGINAL SOURCE

https://coinpedia.org/price-analysis/car...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from Coinpedia

See more
Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy?
Coinpedia
Cardano Whales Holding $10M ADA Grow Positions by 420%, Time to Buy?

11/23/2024

·

342 views

Related News

See more
Banner-Tech-Summit-Rio

Voting for Us - Catalyst Fund 14

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)