Cardano

Bitcoin

Threshold

For over a month, the <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> has witnessed a steady correction amid the Bitcoin price consolidation of around $68000. From the peak of $0.8, the ADA price plunged to $0.57 support, registering a 28.5 fall. This correction further developed into a head and shoulder pattern indicating the Cardano coin is poised for further correction.
Also Read: <a href="https://coingape.com/sponsored/etfswap-etfs-presale-skyrockets-as-ripple-xrp-and-cardano-ada-traders-scramble-to-get-in/" rel="noopener noreferrer nofollow">ETFSwap ($ETFS) Presale Skyrockets As Ripple (XRP) And Cardano (ADA) Traders Scramble To Get In</a>
<h2 id="b-cardano-price-at-the-mercy-of-a-key-technical-threshold-b">Cardano Price at the Mercy of a Key Technical Threshold</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/i/IT93r3St.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Cardano Price| Tradingview
 </figcaption>
</figure>
&nbsp;
With the overall market sentiment in the correction zone, the <a href="https://coingape.com/markets/heres-why-cardano-price-is-at-risk-of-18-fall-ahead/" rel="noopener noreferrer nofollow">Cardano</a> trend showcases a bearish takeover. The daily price chart displays the ADA price trend making a head and shoulder pattern with the neckline at $0.567. In theory, this chart pattern is commonly spotted at market top reflecting a surge in market selling pressure. 
<blockquote>
 However, the bullish support leads to a bounce back in the altcoin and projects a potential high momentum uptrend. As the bearish pattern fails to play out, the <a href="https://coingape.com/cardano-ada-price-faces-final-dip-before-rally-to-1-70/" rel="noopener noreferrer nofollow">ADA price</a> offers a double-bottom possibility as it tests the long-coming support trendline.&nbsp;&nbsp;
</blockquote>
Currently, the ADA price trades at $0.58 with a 1.93% intraday drop reflecting an increase in overall supply pressure. However, the lower price rejection evident by the tail formation teases a potential bullish reversal.&nbsp;
The bearish pattern neckline coincides with the support trendline and the $0.567 level. This reflects a pivotal point at play for Cardano that could set the future price trend.&nbsp;&nbsp;
If the buyers manage to uplift the prices with a double bottom reversal, the ADA price could hit the $0.68 mark. However, a downfall below the critical support could plunge the market value by 20% to hit $0.46.&nbsp;
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily RSI slope to 41% indicates the sellers are leading the ADA’s current price movement.</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The fast-moving 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> acts as dynamic resistance to bullish bounces indicating the near-term trend is bearish.</li>
</ul>
The post <a href="https://coingape.com/markets/will-cardano-price-regain-0-7-mark-in-april/" rel="noopener noreferrer nofollow">Will Cardano Price Regain $0.7 Mark In April?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will Cardano Price Regain $0.7 Mark In April?

目次

Coingape News Media

2024年4月10日公開の他の記事

Toncoin Surges 35% This Week! Is The TON Price Rally Over?

Cardano’s ADA Faces Strong Selling Pressure Despite Positive Analyst Predictions

Hong Kong is reportedly set to approve first spot Bitcoin ETF by mid-April

Ukrainian Developer Andriy Kostiushko Announces Threads of War: A Unique Collaboration

OpenAI set off an arms race and our security is the casualty

Daily Market Review: BTC, TAO, FTM, PENDLE, TRX

ニュースレターを購読して暗号資産の最新情報を毎日入手！