Cardano

Bitcoin

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/xHldpUJ5-e1706640000521.png" class="attachment-full size-full wp-post-image" alt="Cardano Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
In sync with the recent uptick in the broader cryptocurrency market, <a href="https://coingape.com/price/cardano/">Cardano Price</a> has seen a notable rebound from the $0.46 level. This positive turnaround from the local support has resulted in a 12% increase in ADA’s value over the past five days, bringing its current trading price to approximately $0.519. However, this upward trajectory is encountering resistance at the trendline of the pennant pattern, which poses a risk of a prolonged correction if ADA is unable to break through this resistance level. 
<h2 id="b-last-pullback-before-ada-surpass-0-7-mark-b">Last Pullback Before ADA Surpass $0.7 Mark</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The ADA coin rebounded thrice from each side of the converging trendline indicating the pennant pattern has a strong influence on price movement&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">A price retracement of 50% projects the buyers continue to have a strong grip over this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the ADA coin is $552 Million, indicating a 61% gain</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/x/xHldpUJ5.png" alt="Cardano Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Cardano Price| TradingView Chart
 </figcaption>
</figure> 
ADA, the primary cryptocurrency of the <a href="https://coingape.com/cardano-expands-with-blockfrost-investment-heres-where-the-network-stands-now/">Cardano</a> ecosystem, has been experiencing a downward trend for the past month, with its value decreasing from $0.677 to the current trading level of $0.51, marking a 23% decline. 
Analysis of the daily chart suggests that this correction is following a structured pattern within two converging trendlines, characteristic of a pennant pattern. This pattern is often seen in technical analysis as a consolidation phase following a strong rally, offering a period for buyers to consolidate and prepare for a potential upward movement.&nbsp; 
Should the price successfully break through the upper boundary of this pattern, it could provide a strong foundation for buyers to resume the upward trend. 
<blockquote>
 Following such a breakout, <a href="https://coingape.com/cardano-upgrade-pushes-the-price-of-ada-up-8-in-latest-update/">ADA</a> can target higher price points, initially aiming for $0.7, and then potentially advancing towards $0.975.&nbsp;
</blockquote> 
Conversely, the recent drop in ADA’s price from the upper trendline, by 1.35%, suggests that sellers are still exerting pressure at higher levels. If this trend continues, ADA could face a further 18% decline, potentially reaching the lower trendline at around $0.42. 
<h2 id="b-technical-indicator-b">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope at 50% reflects the market sentiment neutral on this asset&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The coin price trading above the 100-and-200-day EMA indicates the long-term trend remains bullish.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/markets/cardano-price-prediction-bulls-poised-for-new-rally-will-ada-defy-the-odds/">Cardano Price Prediction: Bulls Poised for New Rally, Will ADA Defy The Odds?</a></li> 
 <li><a href="https://coingape.com/markets/3-best-altcoins-to-buy-today-30-jan-sei-link-doge/">3 Best Altcoins To Buy Today 30 Jan: SEI, LINK, DOGE</a></li> 
 <li><a href="https://coingape.com/feds-rate-cuts-likely-in-march-before-bitcoin-halving-will-btc-price-rally/">Fed Rate Cuts Possible In March Before Bitcoin Halving, Will BTC Price Rally?</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/where-cardano-price-heading-in-february-2024-0-7-or-0-4/">Where Cardano Price Heading in February 2024, $0.7 or $0.4?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Where Cardano Price Heading in February 2024, $0.7 or $0.4?

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