Cardano is currently trading below $0.30, hitting its lowest levels since June and early July. The overall bearish sentiment in the cryptocurrency market has triggered a correction phase for Cardano, following its inability to maintain the previous high of $0.3793.
On The Daily Chart:
During the ongoing consolidation in the crypto market, Cardano has entered a consolidation phase, stepping back from its previous high of $0.3793. Over the last three weeks, the memecoin has witnessed a substantial 23.00% decline, leading to its current trading price of $0.2920. Regrettably, the price is now below both the critical support level of $0.300 and the 50-day moving average, signaling potential obstacles ahead.
On The 4-Hour Chart:
In the context of ongoing consolidation, the Cardano price has breached two critical support levels: $0.3 and a previously established ascending trendline. The trendline, which had served as a significant support for the past seven weeks, was recently broken, indicating the potential for a major correction. The high trading volume observed during the breakdown on August 3rd suggests strong selling conviction, leading to downward pressure on the price. Given the breach of the support trendline, a technical analysis scenario could suggest a potential downside target for ADA at $0.25 in the upcoming weeks.
Based on Coingabbar Price Analysis, ADA's market capitalization is projected to reach $10,238,374,143. The coin's 24-hour trading volume stands at approximately $163,074,942.
KEY LEVELS :
RESISTANCE LEVEL : $0.3050-$0.3200
SUPPORT LEVEL : $0.2850-$0.2750
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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