In sync with the movements of the crypto giants, Bitcoin and Ethereum, the Cardano coin price began experiencing selling pressure starting September 28th. This led to its price being pulled down from resistance at $0.2576, shaping a V-top reversal pattern. This recent decline has marked the third time ADA has been turned away from a persistent resistance trendline, reinforcing the ongoing bearish narrative.
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Will the ADA Price Fall to $0.22?
- A bullish breakout from the resistance trendline is needed to trigger a sustained recovery
- A breakdown below the $0.24 support will plunge the ADA price by 8%
- The intraday trading volume in the ADA coin is $114 Million, indicating an 8.8% loss.
The current sell-off around the $0.255 level has led ADA to shed 5% over the past two days. Currently, this eighth-largest cryptocurrency value stands at $0.244. If sellers continue to exert pressure, we might see a decline further by approximately 3%, targeting the immediate support level at $0.244.
A daily close beneath this price could see ADA price sliding towards the next support at $0.22, with the potential to go even lower to the $0.2 psychological level.
Conversely, if the $0.24 support— which has stood steadfast for over a year— remains unbreached, we may see ADA trading in a narrow range between the declining trendline and its longstanding horizontal support.
A break above the descending trendline would be a more bullish signal, hinting at a possible change in the current trend.
ADA vs ETH vs BTC Performance
When looking at the bigger picture over the past three months, Cardano seems to have faced more price fluctuations than both BTC and ETH. Since mid-August, the ADA price trajectory has been distinctly bearish, consistently forming lower lows, signaling a deep-rooted downtrend.
Meanwhile, both Bitcoin price and Ethereum price have been trading more horizontally, indicating a short-term period of consolidation or sideways movement.
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