Demand Pressure at $0.24 could bolster buyers for a fresh rally; is it enough to push ADA prices on the Recovery path?
Published 16 seconds ago
Cardano coin price has undoubtedly been on a rollercoaster these past two months. After peaking at $0.379, it plummeted to the recent lows of $0.2367, shedding a hefty 37.6% of its market value. As we zoom into the daily chart, a distinct pattern emerges – a down-sloping trendline that seems to be giving ADA a tough time. This trendline has played the role of a staunch gatekeeper, repeatedly repelling buyer’s attempts to break free. The coin price reverted thrice from this resistance making it evident that traders encounter a formidable wall of sellers here. Under the influence of this dynamic resistance, will the ADA price extend the correction trend lower?
Also Read: ADA Price Prediction: Will Cardano Correction Extend to $0.2 in September?
A Potential Trendline Breakout will Push ADA for $0.3 Mark
The coin buyers may witness increased buying pressure at $0.24
A bullish breakout from the overhead trendline will bolster a recovery sentiment
The intraday trading volume in the ADA coin is $128 Million, indicating a 7% gain
Source- Tradingview
Recent market dynamics combined with the overhead supply pressure have pushed ADA to test the multi-month support of $0.24 as of September 11th. However, a glimmer of optimism emerged today as this altcoin registered a 2% bump, lifting its trading price to $0.246.
For this positive blip to materialize into a sustainable recovery, the buyers need to muster enough strength to shatter the overhead resistance trendline. Clearing this hurdle could offer buyers suitable support to rise higher.
The post-breakout rally would likely surge the prices to $0.28 and subsequently the $0.3 regions.
Is Correction Trend Poised to Hit $0.2?
Currently, the Cardano price trajectory appears to be dictated by two significant factors: the downward trendline overhead and the crucial $0.24 support. As long as these elements remain influential, the price action may be confined to a tight range, oscillating sideways. However, if the bearish momentum overwhelms ADA and it slips below the $0.24 threshold (especially with a daily candle closure), the price could hit $0.22, followed by $0.2.
Relative Strength Index: Despite the recent price trends, a rising daily RSI suggests an increasing bullish momentum, hinting at a potential upward reversal.
Supertrend: A red film projected in the daily chart reflects the ongoing trend is aggressively bearish.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.