Cardano's price action has shown weakness after failing to break above the $1.2 resistance level. The token is consolidating within a falling wedge pattern, potentially indicating a retest of lower support levels. However, as long as the price remains above the 200-day moving average, the overall trend remains bullish.
Cardano 's price has encountered resistance in its upward trajectory, failing to surpass the crucial $1.2 mark. On the ADA /USDT pair, the asset has experienced a downward trend following its inability to penetrate the $1.2 resistance zone once again. Currently, it is consolidating within a significant falling wedge pattern, and the most likely scenario for the coming days is a retest of its lower boundary.
However, as long as the price remains above the 200-day moving average, situated around the $0.6 level, the overall market trend can still be characterized as bullish.Examining the BTC paired chart reveals a price action strikingly similar to that observed on the USDT pair. ADA is currently testing the 900 SAT support level and appears poised to break below it. This breakdown could potentially lead to a decline toward the 200-day moving average, approximately the 750 SAT mark. Furthermore, the RSI indicator displays values below 50%, indicating that the momentum favors a bearish scenario.Disclaimer: The information presented on CryptoPotato originates from the quoted writers. It does not constitute the opinions of CryptoPotato regarding whether to buy, sell, or hold any investments. Before making any investment decisions, it is strongly recommended to conduct thorough research and exercise caution when utilizing the provided information. For more detailed information, please refer to the Disclaimer section.The Future of NFTs: A Transformation, Not a TombstoneSign-up FREE to receive our extended weekly market update and coin analysis reportDisclaimer: The information presented on CryptoPotato originates from the quoted writers. It does not constitute the opinions of CryptoPotato regarding whether to buy, sell, or hold any investments. Before making any investment decisions, it is strongly recommended to conduct thorough research and exercise caution when utilizing the provided information. For more detailed information, please refer to the Disclaimer section
Cardano ADA Price Analysis Falling Wedge Cryptocurrency Market
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