ADA Price to Revisit Multi-Month Support of $0.24; Time to Buy?

Amid the recent fluctuations in the crypto space, the ADA price struggled to maintain its position above the recently reclaimed $0.258 threshold, hinting at a potential bull trap. With the price retracting below the $0.258 mark, we could witness accelerated selling momentum, potentially driving the price toward the multi-month support at $0.2. Is it the best time to buy?

Also Read: Charles Hoskinson Reveals Major Cardano Updates

Will $0.24 Hold Strong Amid Current Market Downturn

• The falling ADA price could see a 5.5% loss before hitting the next significant support of $0.24.
• The $0.24 level continues to remain a strong demand zone for coin traders.
• The intraday trading volume in the ADA coin is $108 Million, indicating a 30% gain

Source- Tradingview

For the past couple of months, the Cardano price trajectory has been notably stable, consistently hovering above the crucial $0.24 support level. This period saw multiple rebounds from this level, suggesting a robust accumulation sentiment among crypto buyers. 

Toward the end of September, the ADA price saw a noteworthy upturn from the $0.24 base, surging by 12%. However, the recent geopolitical tensions stemming from the Israel-Hamas conflict in the Middle East. both stocks and cryptocurrencies experiencing a slump. 

Consequently, this altcoin’s momentum faltered, failing to secure its stance above the pivotal $0.258 mark. If the prevailing bearish pressure continues, the ADA price might be steered further downwards, potentially by another 5%, targeting the foundational support at $0.02.

 Historically, this level has consistently acted as a springboard, signaling its potential to catalyze another upward shift. Hence, a potential bounce from this juncture could propel the prices by approximately 15%, targeting the $0.28 mark, which coincides with a long-standing resistance trendline.

Will the ADA Price Surpass the $0.3 mark?

Delving into the daily timeframe, the ADA price appears to be conscientiously reverting between two pivotal technical markers: the $0.24 horizontal support and a descending resistance line. As long as these two landmarks remain unbreached, the coin price might extend its lateral movement. Therefore, piercing above this pattern’s upper boundary could serve as a robust indicator of an impending bullish resurgence, potentially driving the Cardano coin’s valuation north of $0.3.

• Directional Movement Index: A potential bearish crossover between the DI+(blue) and DI(pink) orange slope supports a correction to the $0.024 level.
• Bollinger Band: The lower boundary of the Bollinger Band wavering along $0.24 increases the support strength of this level.