Convergence

Cardano

World

<img width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra.png" class="attachment-full size-full wp-post-image" alt="Cardano Price" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra.png 1280w, https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/03/Cardano-Hydra-150x84.png 150w" sizes="(max-width: 1280px) 100vw, 1280px">
Cardano Price: <a href="https://coingape.com/cardano-hydra-is-not-abandoned-charles-hoskinson-says/">ADA</a>, the native cryptocurrency of the Cardano ecosystem, has witnessed notable supply pressure since last week leading to a price fall from $0.81 to $0.61. The broader market correction bolstered this 23.2% drop triggering a breakdown from 23.6% Fibonacci retracement. Will the <a href="https://coingape.com/markets/bitcoin-price-why-btc-could-tumble-to-50000-pre-halving/">BTC price</a> breakdown below the $65K psychological level further accelerate this correction trend? 
Also Read: <a href="https://coingape.com/markets/cardano-price-analysis-recent-downturns-spark-investor-interest-will-ada-hit-1/">Cardano Price Analysis: Recent Downturns Spark Investor Interest, Will ADA Hit $1?</a> 
<h2 id="b-cardano-dominates-in-developer-commitment-amid-market-volatility-b">Cardano Dominates in Developer Commitment Amid Market Volatility</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/t/TpljfHLQ.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="873">
 <figcaption class="wp-caption-text">
 Cardano Price| Tradingview
 </figcaption>
</figure> 
The mid-term trend in <a href="https://coingape.com/price/cardano/">Cardano price</a> is actively bullish and can be traced using a rising channel pattern in the daily chart. This chart setup formed with two ascending trendlines uplifted the ADA value from $0.24 to $0.81, registering 283% growth. 
Recent data tweeted by IntoTheBlock highlights a significant trend in blockchain development activity, placing Cardano (ADA) at the forefront among top Layer 1 (L1) protocols. The platform has reported that Cardano consistently outperforms its peers in terms of weekly commits on their repositories, a measure often used to gauge developer engagement and project vitality. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Cardano is leading in developer activity amongst top L1s, consistently delivering the highest number of weekly commits. <a href="https://t.co/gtYUIyeqRy">pic.twitter.com/gtYUIyeqRy</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1769765411963146564?ref_src=twsrc%5Etfw">March 18, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, the overhead supply at $0.8 coupled with the broader market correction, sparked a new correction and plunged the ADA price to the $0.62 mark. If the supply pressure persists, the sellers may extend this downfall, another 7% to retest the lower trend at $0.57. 
If history repeats, the <a href="https://coingape.com/cardano-ada-analyst-names-top-challenges-stumping-growth/">Cardano coin</a> is likely to rebound from this support and initiate a new bull cycle within the channel pattern. With sustained buying, the post-correction rally may surpass the $0.81 barrier, registering a growth potential beyond 30%. 
Conversely, a breakdown below the pattern’s support trendline will invalidate the bullish thesis, and prolong the current correction trend. 
Also Read: <a href="https://coingape.com/cardano-news-charles-hoskinson-addresses-ada-fud-amid-world-mobile-partnership/">Charles Hoskinson Addresses Cardano FUD Amid World Mobile Partnership</a> 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A negative crossover state between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>(blue) and signal lines(orange) reflects the short-term trend is bearish.&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The ADA price trading above the 100-and-200-day EMA slope indicates the long-term trend is bullish.</li> 
</ul> 
The post <a href="https://coingape.com/markets/cardano-price-correction-to-extend-7-this-week/">Cardano Price Correction to Extend 7% this Week, But There’s a Catch</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Correction to Extend 7% this Week, But There’s a Catch

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