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 Podcaster Busted in Vegas After $2M Scam—A Fugitive’s Last Gamble

A podcaster turned crypto conman swindled investors out of $2 million, using fake businesses and pop culture references before vanishing—until a Vegas arrest sealed his fate From Podcast Fame to

Bitcoin Halving Trends Indicate 150% Max Gains For Current Cycle – Details

In the usual style of the high market uncertainty and volatility associated with the current bull cycle, the price of Bitcoin (BTC) fell to around $77,000 in the past week before rising by over 10%

Top Altcoins to Watch Next Week: Pi Coin, Pepe and Binance Coin (BNB) Prices Aim for Resistance Breakouts

The post Top Altcoins to Watch Next Week: Pi Coin, Pepe and Binance Coin (BNB) Prices Aim for Resistance Breakouts appeared first on Coinpedia Fintech News This week, the crypto market failed to

Ethereum Price Nears Critical 100-Day SMA – Will It Break Through?

Ethereum (ETH) has been on a slow and steady upward trajectory, inching closer to a crucial technical indicator: the 100-day Simple Moving Average (SMA) This level is more than just a line on a

Fake ‘Investment Education’ Crypto Scams Are Exploding—Regulator Issues Dire Warning

Fake “investment education foundations” use deceptive trials and bogus loans to scam cryptocurrency investors, North Dakota regulators warn Regulator Sounds the Alarm: Fake ‘Investment

Promises Made, Promises Kept

Last week America officially started a Strategic Bitcoin Reserve, but the Market doesn’t seem to care yet Last Week Macro Arguably Mattered More Than Policy Trump and macro dominated last week