Cardano Price Prediction, Pump or Dump–Which Way Will It Go

Cardano price could stay flat with a symmetrical triangle pattern

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.

Technical View:

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.