Lokesh Gupta
18-10-2023
Amidst the roller-coaster ride of uncertainty in the wider market surrounding the prospects of a Bitcoin spot ETF, Altcoins have been undergoing substantial volatility. These altcoins have seen their prices spike suddenly, only to be followed by sharp corrections. Even established coins like Cardano are not shielded from these market fluctuations. Cardano's price currently finds itself in a delicate position, striving to sustain a positive trajectory within the confines of a triangular pattern, marking a critical juncture for its future.
According to Coingabbar Price Analysis, The Cardano price has experienced a prolonged downtrend, finding critical support at $0.24. Despite persistent bearish pressure resulting in lower-high formations, a resistance trendline has formed due to price actions. Currently, ADA is in a sideways trend within a triangle pattern after a recent double-top reversal. The price is struggling to maintain a positive cycle against strong overhead bearish pressure.
On the daily chart, the converging trend lines within the triangle have been in contact with the price trend multiple times, increasing their credibility. However, the ongoing correction suggests the potential for a downtrend breaking below the support trendline, which could lead to a drop to $0.20.
Conversely, if a bullish comeback occurs, it could drive Cardano's price to $0.26, resulting in a breakout from the triangle. In this optimistic scenario, the breakout rally may reach $0.30.
KEY LEVELS :
RESISTANCE LEVEL : $0.2525-$0.2600
SUPPORT LEVEL : $0.2400-$0.2200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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