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

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

The ADA price failure to sustain above $0.24 hints at an extended correction in the near term

Published 15 seconds ago

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

ADA PriceSource- 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.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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