Will Cardano Slide To $0.20? What Awaits ADA Investors This Week
18 October 2023 - 11:00PM
NEWSBTC
Cardano (ADA) investors are currently grappling with a critical
juncture as the cryptocurrency struggles to maintain its positive
momentum within a triangle pattern. Priced at $0.246925
according to CoinGecko, the ADA market is currently navigating
through a complex landscape of potential pitfalls and prospects.
Despite a 1.3% decline in the last 24 hours and a measly 0.1% dip
over the past week, the market sentiment remains cautious, with
traders closely monitoring the possibility of a downturn to $0.20.
Related Reading: Bitcoin SV Climbs 22% – A Close Look At The
Factors Behind The Surge At the heart of the current ADA price
conundrum lies the intricate triangle pattern, a technical
formation that often signifies a period of market indecision and
potential trend reversal. Within this pattern, the coin’s price
movements are constrained between a converging support trendline
and a resistance trendline. The ongoing struggle to sustain a
positive cycle hints at a potential bullish breakout. However, the
looming threat of a significant plunge to $0.20 keeps many traders
at the edge of their seats, anxiously observing the market
dynamics. Benjamin Cowen’s Stark Warning Adding to the air of
caution, renowned crypto analyst Benjamin Cowen has sounded an
alarm for ADA investors, issuing a grave warning regarding the
cryptocurrency’s trajectory. In a recent tweet, Cowen highlighted
ADA’s declining value in terms of Bitcoin (BTC), predicting a
potential drop to as low as 400 satoshis. #ADA / #BTC is
breaking down, probably headed to 400 sats
pic.twitter.com/ZwYZ0dxS4h — Benjamin Cowen (@intocryptoverse)
October 16, 2023 Cowen’s warning stems from an in-depth analysis of
ADA’s price chart, which revealed a troubling trend that has sent
ripples of concern across the market. According to Cowen’s
analysis, Cardano experienced a critical breakthrough of a key
trendline, triggering a phase of accumulation before entering a
subsequent downtrend. Despite a brief consolidation phase, ADA’s
gradual departure from this period led to the erosion of vital
support levels. Currently valued at 890 satoshis per ADA,
Cowen anticipates a staggering 50% drop from its present level,
urging investors to tread cautiously in the volatile ADA market.
ADA market cap currently at $8.6 billion. Chart: TradingView.com
Cardano Struggle With Resistance And Support Levels Underlying
ADA’s price turmoil is the persistent battle between resistance and
support levels. The crucial support at $0.24 has provided a
temporary foothold for the cryptocurrency, preventing a more
precipitous decline. However, multiple lower-high formations
resulting from overhead bearish pressure have cast a shadow over
ADA’s short-term prospects, creating a challenging environment for
sustained bullish momentum. Related Reading: Polkadot Road To
Recovery – Will $4 Mark The Turning Point? Despite these obstacles,
ADA’s price action continues to reflect a tenacious effort to
resist the downward pressure and retain a foothold within the
symmetrical triangle. Yet, the looming threat of a potential
downtrend breaking below the support trendline remains a tangible
concern for traders and investors alike. As the crypto
community awaits further developments, the fate of Cardano’s price
trajectory hangs delicately in the balance, with investors bracing
for potential fluctuations in the days ahead. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from Wallpaper Flare
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