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?

Table of Contents

Coingape News Media

Другие статьи, опубликованные 10 апр. 2024 г.

BONK and PEPE Backpedal While Milei Moneda Steals the Show; Experts Call Guaranteed 10x Gains on ...

BNB, SOL, XRP, ADA, DOGE, SHIB Price Analysis: April 10

VanECK CEO Endorses Layer 2 Solutions and Solana Over Ethereum and Bitcoin

HBAR Gears Up for Monumental Growth, Analyst Predicts 30X Surge

Billionaire Mike Novogratz Sees 'Great Setup' For Bitcoin: 'Call Me Crazy But...'

SWAYE Launches The OG Battlefront Game on Telegram, Combining Blockchain and AI (10 Apr)

Join our free newsletter for daily crypto updates!