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Brian Bollinger The Cardano coin price shows a falling wedge pattern in the midst of the V-shaped recovery on the daily time frame chart. This chart structure is characterized in part by two converging trendlines, which form a wedge and lead to a temporary rally in an asset. Thus, in core concept, this pattern in some of the famous bearish continuation structures signals an upcoming downfall.advertisementKey Points: A potential pullback may plunge the coin price to $0.35 support, followed by $0.323
A minor correction phase could help to regain bullish momentum and allow for a sustained recovery over the long-term.
The intraday trading volume for the ADA coin is $275.4 billion, which represents a 24% increase.
Source: TradingviewIn theory, price action becomes more restricted as the trendlines converge during wedge pattern formation. This indicates a potential trend reversal, from bearish to bullish. This pattern is usually confirmed when the price falls below the lower trendline. This signals a trend reversal for traders and a potential sell signal. The Cardano coin price is $0.394 at press time. This represents an intraday gain 0.5%. The daily candle closed below the lower trendline on February 6th. However, the cardano coin price traded at $0.394 as of press time. Trending Stories The price could fall 18% to $0.323, depending on the outcome. Technical Indicator. Relative strength index. The falling RSI slope indicates the exhausted bullish momentum, contrary to rising price action. This bearish divergence bolsters the possibility of a bearish pullback.advertisementEMA’s: the 20-day EMA dynamic support may assist buyers in undermining the correction theory.Cardano Coin Price Intraday LevelsSpot price: $0.384
Trend: Bullish
Volatility Medium
Resistance level: $0.438 and $0.522
Support level – $0.382 & $0.323
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story