Despite the ongoing uncertainties within the cryptocurrency realm, Cardano’s price demonstrates remarkable resilience, maintaining a firm stance above the $0.24 threshold, which has consistently weathered market pressures for the past nine months. Furthermore, the Momentum indicators, particularly the RSI, signal a notable surge in buying activity around this pivotal support level. This confluence of factors hints at the possibility of the asset being well-positioned for a potential turnaround and the initiation of a recovery phase.
Is ADA’s Price Likely to Break Below the $0.24 Support Level?
The $0.24 support has the potential to fuel a 15% surge in the coming days.
A breakout beyond the triangle pattern might initiate a fresh recovery.
The intraday trading volume for ADA coin stands at $108 million, pointing to a 30% increase.
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In the weekly timeframe chart, the Cardano coin’s price reveals a shift in the prevailing downtrend, transitioning to a sideways movement just above the $0.24 level. Over the past nine months, the coin’s price has rebounded from this support on at least three occasions, underscoring strong demand at this level.
This sideways movement within a downward trajectory typically indicates an accumulation phase, often leading to the formation of a macro trend bottom. Although the $0.24 level offers robust support for buyers, their attempts at recovery are presently hindered by a descending trendline.
Nonetheless, in theory, this pattern is recognized for revitalizing depleted bullish momentum and potentially initiating a decisive downward movement when the neckline support is breached. Consequently, should a breakdown beneath the $0.24 support occur with a weekly candle closing, it is conceivable that the Cardano coin’s price might gravitate towards the subsequent support at approximately $0.18.
Is There a Potential for Buyers to Initiate a New Recovery?
If the buying pressure at the $0.24 level continues to hold strong, there may be a possible test of the upper boundary of the triangle. A clear breakthrough above this resistance could reshape the current market outlook, indicating a potential shift in the trend. Under such circumstances, the momentum following the breakout could propel the Cardano price towards the $0.45 threshold, paving the way for further gains.