Logo
Cardano Ecosystem

Coinpedia

12/12/2022

·

57 views


Is Cardano Halving On the Horizon? ADA Price May Drop 50% if This Encounters!

Cardano, after breaking down from the crucial support at around $0.35 is considered to remain within the bearish trend until it reclaims back the levels. The price earlier had reached lower lows at around...

Is Cardano Halving On the Horizon? ADA Price May Drop 50% if This Encounters!
cardano Price

Cardano, after breaking down from the crucial support at around $0.35 is considered to remain within the bearish trend until it reclaims back the levels. The price earlier had reached lower lows at around $0.301 in August 2021 and $0.295 in November 2021. Post to which the price has been hovering along the same levels and constantly deafening the last point of defense at $$0.296 multiple times. 

However, the lowest support for the ADA price is around $0.15 which appears to be imminent if the bulls fail to sustain at the present levels. Besides, the RSI is displaying some bullish divergence, due to which some risks could be invalidated. Regardless of the bearish pattern in the longer time frame, the price continues to trade within a descending parallel channel. 

This is considered a bullish pattern as the price could undergo a significant breakout but the trend within the channel remains largely bearish. The ADA price is trending very close to the channel’s support line, being in a lower position since the beginning of November 2022. Secondly, the daily RSI has broken down from its bullish divergence which is an indication of a bounce. 

Therefore, the yearly close can be considered extremely pivotal for the Cardano price which may have a larger impact on the yearly end. The bulls are expected to hold the price right up and if they fail to do so a major drain may drag the ADA price lower very soon. 

Was this writing helpful?

No Yes

Photo of Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Back to top button

AD

NotifyLog - One stop tool for events tracking and analytics

NotifyLog is a powerful tool for events tracking and analytics. It helps you to track events from your website, mobile app, and server.CREATE YOUR FREE ACCOUNT


Read Original Article on Coinpedia

ORIGINAL SOURCE

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

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.


NotifyLog - One stop tool for events tracking and analytics

More from Coinpedia

See more
Cardano (ADA) Price Approaches a Crucial Stage-Is a Breakout Imminent?
Coinpedia
Cardano (ADA) Price Approaches a Crucial Stage-Is a Breakout Imminent?

03/13/2023

·

11 views

Related News

See more
WingRiders Governance Token

Featured News

See more
WingRiders Governance Token


    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)
NotifyLog - One stop tool for events tracking and analytics