Published 47 seconds ago
Cardano Price Prediction: After an excessive downfall in early June, the ADA price took a sideways detour above $0.24. Over a week, the coin price has remained between two significant horizontal levels $0.3 and $241, indicating the formation of a narrow range. While currency market sentiment remains indecisive, the aforementioned level can be used to predict the near future potential of this coin.
Cardano Coin Daily Chart
- Under the influence of a triangle pattern, the ADA price may witness high volatility before an explosive move
- The area between the triangle pattern stays as a no-trading zone for newcomer
- The intraday trading volume in the ADA coin is $134.5 Million, indicating a 37% loss
Source- Tradingview
Amid the current consolidation, the ADA price shows the formation of a symmetrical triangle pattern in the 4-hour time frame chart. By the press time, the ADA price trades at $0.266 and continues to resonate within the two converging trendlines.
In theory, this triangle pattern usually offers a brief break before the coin price continues to the prevailing trend. Therefore, with a higher possibility a breakdown below the support trendline will accelerate the selling pressure and tumble price by 9% to the bottom support the $0.24.
On June 10th, the ADA price showed a long-tail rejection candle at $0.24 support indicating this level stands as a strong accumulation zone and a crucial point of a trend reversal.
Will Cardano Price Reach $275 Mark?
For the Cardano coin price to reclaim higher grounds, the buyers need to breach the overhead trendline of the triangle pattern. This breakout may offer buyers a solid springboard to push prices to higher levels and challenge the immediate horizontal resistance of $253.
- Bollinger Band: The Bands of the Bollinger band indicator squeezed project the trapped momentum which may lead to an imminent breakout opportunity
- Relative Strength Index: The rising RSI slope reflects the underlying bullish momentum in rising indicating a breakout above the overhead trendline is plausible.
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.
