Logo
Cardano Ecosystem

Elevenews

09/12/2023

·

92 views


Cardano price prediction as ADA forms 8th weekly red candle - ELEVENEWS

While the majority of assets in the cryptocurrency market continue to suffer a bearish price movement trend, things are not much different for Cardano (ADA), which has just completed its eighth weekly red...

Cardano price prediction as ADA forms 8th weekly red candle - ELEVENEWS

While the majority of assets in the cryptocurrency market continue to suffer a bearish price movement trend, things are not much different for Cardano (ADA), which has just completed its eighth weekly red candle in a row.

Specifically, the closing price for Cardano in the previous eight weeks was below both the price at which it opened and previously closed, and the continuation of the weekly bearish pattern could be in store, as per the data retrieved on September 12.

What it means for ADA price

Analyzing the chart, the last green candle for the eighth-largest cryptocurrency by market capitalization was last glowing in the week between July 11 and 17, 2023, following a red candle pattern in the weeks since then.

As such, the price of Cardano is well on its way to filling the red candle wick it had created in June when the weekly trading closed on a strong note where the sellers dominated, but the buyers managed to push ADA prices up.

According to pseudonymous crypto analyst CoinsKid, ADA could drop further towards the $0.185 zone, although some relief into the 20-period weekly exponential moving average (EMA) – at around $0.30 – could be in store.

On top of that, crypto analyst Benjamin Cowen wrote in a recent X post that ADA could be in for a protracted “depression phase” that could start once the price of ADA falls below $0.24, expecting it to persist until the expected return of quantitative easing (QE), which he believes could happen sometime in 2024.

All things considered, Cardano remains under the pressure of the pessimistic sentiment on the wider crypto market, as well as the recent redistribution of the token that saw ADA whales selling or moving around 1.02 billion ADA in a single week.

Source

Join our Telegram Channel https://t.me/elevenews

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Elevenews

ORIGINAL SOURCE

https://elevenews.com/2023/09/12/cardano...

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.


Genius Yields DEX Launched!

More from Elevenews

See more
Solana vs Cardano: Which Ethereum Competitor Will Prevail? - ELEVENEWS
Elevenews
Solana vs Cardano: Which Ethereum Competitor Will Prevail? - ELEVENEWS

11/07/2023

·

236 views

Related News

See more
Genius Yields DEX Launched!

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)