Cardano’s recent price movements suggest an emerging pattern. Following a substantial 35% drop from its July 12 peak of $0.3793, Cardano is currently in a phase of price recuperation. However, prevailing conditions hint at a potential 5% drop, pushing the ADA price to touch the support level of $0.2415. Will Cardano crash soon? Let’s analyze in this Cardano price prediction article.
Cardano Price Analysis: Bullish Attempt?
Despite Cardano showcasing three successive higher highs, signaling a possible recovery, this momentum might be short-lived. The escalating overhead resistance, notably at the $0.27 mark, serves as a significant barrier for the cryptocurrency. Further intensifying the ADA’s price pressures are multiple supplier congestion levels. One such pivotal barrier is the 50-day Exponential Moving Average (EMA), stationed at $0.29, aligning with the resistance zone ranging from $0.29 to $0.32.
Will Cardano Crash? Technical Indicators Signal Caution…
Cardano news, especially from a technical standpoint, rings cautionary tones for investors. The Relative Strength Index (RSI) currently lingers beneath the midpoint of 50, hinting at weakening momentum. Similarly, the Awesome Oscillator (AO) resonates with this sentiment, staying entrenched in the negative. These indicators point towards the ADA price potentially spiraling downwards, even possibly touching lows around $0.22, translating to a 15% decline from present levels.
On-Chain Data and Cardano’s Upward Potential
On-chain data, sourced from “IntoTheBlock’s Global In/Out of the Money” (GIOM), highlights formidable supply barriers awaiting Cardano bulls. A significant congestion zone appears between $0.2642 and $0.2945, with statistics revealing that approximately 251,880 addresses procured roughly 4.01 billion ADA tokens at an average price of $0.2795.
Cardano Price Prediction: A Potential Bullish Breakout
However, not all cardano news today is somber. If buying interest resurges, ADA’s price might conquer the $0.27 resistance, paving the way to the $0.29 supply zone. Successfully maintaining a three-day candlestick closure beyond the $0.30 mark might render the bearish Cardano price prediction moot. Such a breakout could even lead ADA to challenge the 100-day EMA at $0.34, symbolizing a staggering 50% ascent from its current standings.
