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<p>Following a very slow start to the week, the crypto market bounced back today, mainly because both BTC and ETH are up over 3.5%.</p>
<p>There’s another altcoin, Cardano’s ADA, that also pumped 3.5% today, bringing the price to the $0.36 level.</p>
<p>A lot of these <a href="https://captainaltcoin.com/best-altcoins/" target="_blank" rel="noopener noreferrer nofollow">top altcoins</a> are either trading in falling wedge or descending channel patterns, and while some of them were able to break above these channels, like Shiba Inu which I covered earlier today, ADA has not been able to do this (yet).</p>
<h2 class="wp-block-heading" id="ada-s-chart-analysis">ADA’s Chart Analysis</h2>
<p>The falling wedge pattern on<a href="https://captainaltcoin.com/cardano-ada-price-chart-shows-path-to-3-75-but-heres-the-catch/" target="_blank" rel="noopener noreferrer nofollow"> ADA’s chart is generally considered a bullish</a> pattern. It forms when the price makes lower highs and lower lows, but the lows are converging faster than the highs. This pattern suggests a potential reversal or breakout to the upside.</p>
<p>Currently, <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="ADA" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">ADA</a> is trading within this wedge. The price seems to have made a recent bounce, likely from the lower trendline of the wedge, which could indicate a potential breakout attempt.</p>
<figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="459" src="https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-1024x459.png" alt="" class="wp-image-549674" srcset="https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-1024x459.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-300x134.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-768x344.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-1536x688.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-2048x917.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-335x150.png 335w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-100x45.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-781x350.png 781w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22-788x353.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/08/ADAUSD_2024-08-29_17-14-22.png 1826w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption"><strong>Source: <a href="https://captainaltcoin.com/go/tradingview-3/" rel="noopener noreferrer nofollow">TradingView</a></strong>
 </figcaption>
</figure>
<p>If ADA breaks above the upper trendline of the wedge, a bullish breakout could be confirmed. The typical target for a breakout from a falling wedge is the height of the widest part of the wedge projected upward from the breakout point.</p>
<p>However, traders should also be aware of the bearish scenario. The measured move suggests a possible decline of about 21.86%, which could bring the price down to around $0.29-$0.30 if a breakdown occurs.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/is-cardano-a-dead-altcoin-how-could-upcoming-chang-hard-fork-affect-ada-price/" target="_blank" rel="noopener noreferrer nofollow">Is Cardano a Dead Altcoin? How Could Upcoming Chang Hard Fork Affect ADA Price?</a></strong></em></p>
<h2 class="wp-block-heading" id="ada-price-prediction">ADA Price Prediction</h2>
<p>The 200-day Moving Average is positioned at $0.486, significantly above the current price, indicating a long-term bearish trend. This MA acts as a strong resistance level, and ADA would need to break above it to signal a longer-term bullish reversal.</p>
<p><a href="https://www.fidelity.com/learning-center/trading-investing/technical-analysis/technical-indicator-guide/RSI#:~:text=The%20Relative%20Strength%20Index%20(RSI,and%20oversold%20when%20below%2030." target="_blank" rel="noopener noreferrer nofollow">The Relative Strength Index (RSI) </a>is currently at 49.80, just below the neutral level of 50. This means that ADA is neither overbought nor oversold. It’s in a neutral zone, meaning the price could swing in either direction depending on market momentum.</p>
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<p>Looking ahead, a breakout above the falling wedge’s upper trendline could push ADA towards the next significant resistance levels. The first target could be around the $0.486 level (near the 200-day MA). If momentum is strong, ADA might attempt to reach higher levels, possibly towards $0.55 to $0.60.</p>
<p>On the flip side, if ADA fails to break out and instead breaks down below the wedge, the price might revisit the lower targets near $0.29-$0.30 as indicated by the measured move.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/we-asked-ai-to-predict-solana-sol-price-in-2025-2/" target="_blank" rel="noopener noreferrer nofollow">We Asked AI To Predict Solana (SOL) Price In 2025</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/cardano-holders-might-be-in-trouble-despite-ada-price-pump-22-correction-incoming/" rel="noopener noreferrer nofollow">Cardano Holders Might Be In Trouble Despite ADA Price Pump – 22% Correction Incoming?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Cardano Holders Might Be In Trouble Despite ADA Price Pump – 22% Correction Incoming?

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