In the past 24 hours, the price of ADA has retreated by nearly 10%. Even though most cryptos have gone down during this period, its decline has outpaced that of other altcoins. Does this unexpected drop favor a bearish Cardano price prediction?
Trading volumes during this period have increased to $2.5 billion, accounting for 8% of the token’s circulating supply. Trading activity has been quite high in the past 10 days or so after ADA hit the $1 level.
Other altcoins like XRP (XRP) and Ethereum (ETH) have also retreated by 4.8% and 3% during this same period as the crypto market continues to take a breather after days of rallying.
There is an ongoing battle between ADA, Tron (TRX), and Dogecoin (DOGE) for the 8th spot in the list of most valuable cryptos. The three tokens have a market cap of around $30 billion. As ADA rose to $1, it briefly surpassed TRX. However, today’s decline is pushing the token back to the 10th spot.
After briefly surging to 300,000, daily transactions within the Cardano network have dropped to 250,000 as bearish momentum has accelerated. Meanwhile, daily active addresses have retreated by 21.4% from their 3-month peak of 37,400.
Lower on-chain activity favors a bearish Cardano price prediction. Can ADA climb back to $1?
Cardano Price Prediction: ADA Gets Swept Back Into Its Symmetrical Triangle
Cardano briefly broke above its symmetrical triangle earlier this month as it spiked to $1. However, these big losses are plunging ADA back into this formation and could prolong its consolidation phase.
The $0.90 level remains the key resistance to watch for the next few days. A bullish breakout above this mark could set off a much stronger rally toward the $1.3 area first and then to $2.
This would mean a 100% upside potential if bullish momentum picks up steam again. Meanwhile, the key support level to watch is the lower trend line of this triangle, which sits at around $0.73.
This support area coincides with the 200-day exponential moving average (EMA) and increases the relevance of this price zone in particular.
If ADA bounces off this level, that would also favor a bullish ADA price prediction and increase the odds of a move toward $2.
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Click Here to Participate in the PresaleThe post Cardano Price Prediction: ADA Price Crashes 10% Overnight – What’s Going On? appeared first on Cryptonews.
