ADA Price Inches Towards a Decisive Move: $0.3 or $0.2 – What’s in Store?
While the broader market condition remains uncertain, the Cardano coin price prolongs its sideways track in the daily chart. Despite a 2.3% intraday fall, the prices traded within the range structure created within the triangle pattern. However, the ADA price gradually heading to the apex of this pattern indicates a breakout opportunity nearby.
Also Read: Binance Removes Cardano, MATIC, Pepe Coin, BTC & 35 Other Liquidity Pools, What It Means?
Cardano Daily Chart: Key Points
- A price breakout beyond the triangle setup would trigger a directional move in the ADA price
- A breakdown below the pattern’s support trendline could trigger an 8.5% drop
- The intraday trading volume in the ADA coin is $169.5 Million, indicating a 21% gain
Source- Tradingview
Amid the two weeks of consolidation phase, the ADA price has been wobbling within two converging trendlines which indicate the formation of a symmetrical triangle pattern. This chart setup is often found within an established trend offering a dominant force to recuperate their strength.
By the press time, this seventh largest cryptocurrency trades at $0.26 and close to the apex of the triangle pattern in date, the traders may witness a decisive breakout in the near coming days. As the pattern bolsters trend continuation, the sellers are more likely to break the bottom trendline, extending the correction trend.
The post-breakdown fall could plunge the ADA price to $0.238 support, followed by a June month low of $0.22 or $0.2.
Can ADA Price Kickstart New Recovery Rally?
A keen look at the daily time frame chart indicates that the whole triangle pattern is formed within the range of the August 17th candle, which is from $0.278 high to $0.238 low. While the triangle pattern breakout is expected to trigger a directional move it is crucial for coin traders to go beyond the aforementioned barrier to achieve a sustainable price movement.
Therefore, on the contrary note, a bullish breakout from the triangle pattern would also need $0.278 to obtain a significant recovery rally.
Directional Movement Index: The DI+(blue) and D-(blue) are gradually nearing a bearish crossover reflecting the weakening bearish momentum.
Exponential Moving Average: The 20-day EMA slope offers constant resistance to ADA price during bullish bounces.