This Altcoin is Dead-No Matter Trump Wins or Harris— May Remain Consolidated Below the Range

Share This Post

Why the Crypto Market Is Down Today

The post This Altcoin is Dead-No Matter Trump Wins or Harris— May Remain Consolidated Below the Range appeared first on Coinpedia Fintech News

The third-generation token, Cardano, rose to fame before the second phase of the 2021 bull run after rising above $3, but it has failed to attract users’ attention since then. Although the start of the year triggered significant bullish waves, the token failed to keep up the upswing, and a notable shift was observed away from crypto. As a result, the ADA price has been ranging within an extended consolidation phase, which may compel the token to maintain a sluggish trend for the rest of 2024. 

Will the ADA price ever reach $1?

Ever since the price dropped from $0.5, the bears have held a strong grip over the rally. They have been restricting the rally from revamping a powerful ascending trend that could have elevated the price beyond the bearish captivity. However, the decrease in the volume validates the traders being repulsive, which could be a matter of concern for the ADA price rally. Meanwhile, some indicators suggest a lower possibility of a rebound, which may be stabilised if the bulls manage to push the prices above the pivotal ranges. 

The long-term price action remains prone to an extended bearish action as the trade is stuck within a descending parallel channel. Meanwhile, the price is stuck around the average bands of the channel, suggesting the trend is within a decisive range. However, the token is trading along the average bands, indicating a significant decrease in the volatility of the token. Also, the depleting on-balance volume validates the bearish claim, pointing towards a drop in the trader’s interest, which could be a huge matter of concern. 

Besides, the RSI displays fewer chances of a rebound as it aims to rise above the ascending trend line. If the levels reclaim above the zone, there could be some possibility of rising above the average bands of the channel. Meanwhile, the bears have held the levels around $0368 as the token is failing to rise above the zone. 

The market dynamics appear to be waiting for the U.S. elections and the result is expected to increase the volatility among the markets. In such a scenario, the Cardano (ADA) price could rise above $0.4, which could break the descending parallel channel and initiate a fresh ascending trend ahead. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto CEO Falls: AML Bitcoin’s Founder Faces 30 Years for Fraud and Laundering

A cryptocurrency CEO has been convicted of wire fraud and money laundering after deceiving investors, raising millions through false claims, and laundering funds for personal luxury purchases AML

Bitcoin Price Above $100,000 Again? Chart Patterns Show What’s Coming Next

Crypto analyst Madden has raised the possibility of the Bitcoin price rallying above $100,000 again, providing a bullish outlook for the flagship crypto His analysis showed what is coming next for

Layer-3s are a necessary innovation in crypto

The following is a guest post from Rob Viglione, CEO at Horizen Labs If we had stopped at dial-up internet, we’d never have gotten Netflix, real-time gaming, or cloud computing The evolution of

Pi Coin Price Prediction: Is $3 Still Possible After 20% Dip?

The post Pi Coin Price Prediction: Is $3 Still Possible After 20% Dip appeared first on Coinpedia Fintech News The price of Pi Network’s token, Pi has recently experienced major selling pressure,

Bitcoin Bullish Trend In Jeopardy As BTC Price Stumbles Near $85,211

Bitcoin’s recent price movement near the $85,211 level has revealed several technical red flags, suggesting potential weakness in its bullish momentum Despite multiple attempts to break through

‘Ripple is Never Going to Win’: Popular Author Questions XRP’s Real Use Case

The post ‘Ripple is Never Going to Win’: Popular Author Questions XRP’s Real Use Case appeared first on Coinpedia Fintech News Despite ongoing legal battles, Ripple’s XRP token continues to