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While the top 2 cryptocurrencies Bitcoin and Ethereum price show a sideways action in the daily chart. The Cardano coin price maintains a steady recovery under the influence of an ascending triangle pattern. In the past three weeks, the coin price has rebounded thrice from the pattern’s support indicating active accumulation from buyers. Here’s how this pattern could encourage further growth in ADA prices.
Also Read: Cardano Price Analysis: Accumulation at Key Support Sets $ADA Price on 22% Upswing
Cardano Price Daily Chart
- The ADA price may witness high supply pressure from the $0.3 resistance support.
- In response to the triangle pattern, the buyers could lead recovery above the $0.3 barrier
- The intraday trading volume in the ADA coin is $216.6 Million, indicating a 10% loss
Source- Tradingview
By the press time, the seventh largest cryptocurrency trades at $0.289 and continues to resonate within the triangle pattern barriers of $0.3 and a rising trendline. Until both these levels are intact, the price may remain in a sideways trend and shrink narrow of their converging behavior.
However, this pattern is known as a bullish continuation pattern, and the constant uplift from the rising trendline should bolster buyers to break the $0.3 neckline. Having said that, the neckline resistance aligned with resistance creates a high supply zone.
Therefore, a potential breakout from this barrier will project a strong buy signal which could lead the ADA price to potential targets of $0.352, followed by $0.42, and $0.46.
Can ADA Price Break to $0.26?
If awaiting supply pressure at the resistance trendline overthrows buyers, the prevailing downtrend in ADA price will continue. The post-reversal fall could plunge the price by 17% as it could breach $0.26, and reach $0.24.
- Relative Strength Index: The daily RSI slope is still at 50% indicating the buyers would need higher momentum to break the overhead trendline.
- Bollinger Bands: A squeezing band of the BB indicator suggests a volatile sentiment in the market.
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.
