Cardano

Parallel

The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/ada-price-analysis-ada-price-crashes-under-0-25-next-stop-0-20/">ADA Price Analysis: ADA Price Crashes Under $0.25, Next Stop $0.20?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
In the daily chart, the Cardano price action moves under the influence of a strong resistance trend line, leading to multiple lower-high formations. The downtrend even breaks below the crucial support level of $0.25, leading to a steeper correction rally.&nbsp; 
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Cardano is currently trading at $0.244, down 0.41% today. Last night, the price hit the $0.25 ceiling and fell back down, creating a long-tail candle. It represents the ADA price retesting the broken $0.25 range and suggesting an upcoming downward trend. 
Parallel to the downtrend, the ADA price action mimics a head and shoulder pattern formation with the neckline at $0.25. And the recent breakdown also signifies the bearish pattern breakdown in the Cardano coin price action.&nbsp; 
According to the trend-based Fibonacci retracement, the next crucial support level is at $0.222 and $0.20 after the breakout of $0.235.&nbsp; 
The bearish pattern breakout projects a potential downtrend to $0.15, accounting for a 37-40% correction. 
Coming to the technical indicators, the RSI indicator displays a bullish divergence. As the ADA coin price transcends below $0.25. but the RSI line sustains over the oversold boundary. Meanwhile, the MACD indicator gives a bearish crossover. However, the sellers struggle to increase the bearish gap between the MACD and the signal line. 
<h2 id="will-cardano-find-a-bounceback-in-2023" data-name="will-cardano-find-a-bounceback-in-2023" class="wp-block-heading">Will Cardano Find A Bounceback in 2023?</h2> 
If the Cardano coin price breaks under the $0.235 support level, the downtrend continuation is expected to continue to the $0.20 mark. Moreover, the RSI indicator displays a strong bullish divergence in the daily chart, signaling a bullish revival soon.&nbsp; 
However, on the flip side, a bullish reversal from $0.235 can again challenge the resistance trend line, accounting for a price jump of 10% to reach $0.25.

ADA Price Analysis: ADA Price Crashes Under $0.25, Next Stop $0.20?

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