Cardano Price Analysis: Despite the ongoing uncertainty, the Cardano coin price is strictly following two technical levels which are a downsloping trendline and a crucial support of $0.377. Thus, these two converging levels are gradually squeezing the ADA price indicating the formation of a descending triangle pattern. In response to this pattern, the coin price is more likely to break the bottom support and prolong the prevailing downtrend.
Key Points:
The 38.2% FIB and 100-day EMA accumulated at the $0.38 level create a strong support zone.
A breakout from either side of the triangle pattern will determine the future trend of Cardano’s price.
The intraday trading volume in the ADA coin is $189.3 Million, indicating a 13% loss
Source- Tradingview
By the press time, the Cardano coin price trades at the $0.38 mark and shows a 0.8% intraday gain. The recent reversal from the $0.377 support suggests the altcoin will continue its consolidation phase within the triangle pattern.
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