Cardano

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-price-dynamics-key-levels-and-predictions/" data-wpel-link="internal">Cardano Price Dynamics: Key Levels and Predictions</a><br></p>
<p style="text-align: justify">For over a month, the price of <strong><a href="https://en.coin-turk.com/cardano-accumulation-by-whales-indicates-a-potential-price-rally-analysis/" data-wpel-link="internal">Cardano</a> (<a href="https://coin-turk.com/balinalar-7-ay-sonra-bu-altcoine-dondu" data-wpel-link="internal">ADA</a>)</strong> has experienced a steady correction while <a href="https://coin-turk.com/bitcoin-btc-turk-lirasi-bazinda-yeni-rekora-imza-atti" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/positive-signal-for-btc-price/" data-wpel-link="internal">BTC</a>) consolidated around $68,000. The <a href="https://en.coin-turk.com/cardano-ada-falls-back-to-critical-levels-amidst-increased-volatility-in-the-crypto-market/" data-wpel-link="internal">ADA</a> price recorded a 28.5% drop from its peak of $0.8, retreating to a support level of $0.57. So, what are the expectations following the recent movements in the cryptocurrency?</p> 
<h2 id="critical-level-in-cardano">Critical Level in Cardano</h2> 
<p style="text-align: justify">This correction in the cryptocurrency has turned into a head and shoulders pattern, indicating that Cardano might be ready for further correction. With the overall market sentiment in the correction zone, the Cardano trend is showing a bearish inclination. The daily price chart of the cryptocurrency displays the ADA price trend forming a head and shoulders pattern with the neckline at the $0.567 level.</p> 
<p style="text-align: justify">Theoretically, this chart pattern is often seen at the market’s peak and can reflect an increase in selling pressure. However, bullish support could lead to a recovery in the altcoin and potentially reflect a high-momentum uptrend. If the bearish pattern does not materialize, the ADA price could offer a double bottom possibility while testing the long-standing support trend line.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-339437 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/ada-2.jpg" alt="" width="1563" height="542"></p> 
<h2 id="ada-price-forecast">ADA Price Forecast</h2> 
<p style="text-align: justify">As of the current position, the ADA price is trading at $0.58, reflecting a 1.93% intraday drop, which mirrors the increase in overall supply pressure. However, the formation of a tail indicating price rejection at lower levels could be leading to a potential reversal of the uptrend. The bear pattern’s neckline coincides with the support trend line and the $0.567 level.</p> 
<p style="text-align: justify">This situation could reflect a critical point for determining the future price trend of Cardano. If buyers manage to push prices up from a double bottom reversal, the ADA price could reach $0.68. However, a fall below the critical support could reduce its market value by 20%, taking it down to $0.46. Consequently, according to experts, the correction in the cryptocurrency may have come to an end. Moreover, if Cardano breaks the indicated formation, it could reach the $0.68 level. Contrary to the assumption, a drop below the critical level could lead to a potential new wave of correction.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-price-dynamics-key-levels-and-predictions/" data-wpel-link="internal">Cardano Price Dynamics: Key Levels and Predictions</a></h5>

Cardano Price Dynamics: Key Levels and Predictions

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Alte articole publicate pe 10 apr. 2024

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