Despite increased price volatility in the crypto market, the Cardano price has failed to regain momentum. This has resulted in it repeatedly facing rejection above its important support level of $0.330 since August. With this investors are concerned about their investment in this digital asset.
Further, questions like “Will ADA ever rise?” and “Is ADA coin dead?” have stormed the internet with massive search volumes. Is this a make-or-break situation for the Cardano token?
Cardano Fears A Major Price Breakdown?
The ADA coin price has formed a falling wedge pattern in the 1D time frame and has continued to trade within it since April. Moreover, despite recording a jump of ~6% over the past week, this altcoin has plunged 43.36% this year.
Furthermore, with a drop of 2.08% in the past 24 hours, the ADA crypto price has failed to surpass its important resistance zone above the psychological trendline of $0.330. This indicates an increase in the bearish influence of the altcoin in the market.
ADA Coin Market Sentiments
The SMA indicator is on the verge of recording a bearish convergence in the 1D time frame. This indicates a weak buying-over-selling pressure for the altcoin in the crypto market.
Further, the Relative Strength Index (RSI) has failed to breach its mid-point in the ADA price chart. Moreover, its average trendline is on the verge of experiencing a negative crossover. This highlights that the Cardano token may continue losing value in the coming time.
Will Cardano Ever Recover?
If the bulls push the price of ADA above its crucial resistance zone, it will prepare to test its resistance trendline of the falling wedge pattern. A bullish breakout could result in it heading toward its upper high of $0.4075 in the coming time.
On the other hand, if the bears regain momentum, the altcoin will retest its support level of $0.330. Furthermore, if the bearish sentiment intensifies, the Cardano crypto price could plunge toward its lower support level of $0.2410.
Also read, Cardano Price Prediction 2024 – 2030
