• The Cardano price has seen a 24% gain over the past week, but it has slipped 2% over the last 24 hours.
• The technical outlook indicates that the ADA price could trend lower in the short-term.
• Cardano must sustain itself above the $0.28 price line to prevent further downward movement.
The Cardano (ADA) price has been on a tear lately, rallying significantly over the past week and gaining more than 24% in the process. However, in the last 24 hours, the coin has taken a slight dip of 2%, indicating that it may not be able to sustain such a high level of growth. Looking at the technical analysis, the coin’s price seems to be trending lower for the short-term, meaning that it could experience a correction before it continues its upward trend.
To prevent the price from further downward movement, the ADA needs to sustain itself above the $0.28 price line. This is a key level of support that could keep the coin from dropping too far. The ADA daily chart has shown a bullish pattern, which could mean that the coin could attempt to rise on its chart after a brief retracement.
As Bitcoin continues to show appreciation, many altcoins have been able to follow suit. However, some have been struggling to break through key resistance levels. With the accumulation of Cardano dropping on the daily chart, it does indicate that the demand for the coin has decreased. Nevertheless, buyers still have the upper hand, as the market capitalization of Cardano has increased.
For Cardano to stop its downward trend, it will need to continue to remain above the $0.28 price line. This is a crucial level of support that could keep the coin from dropping too far. If the ADA can manage to stay above this level, then it could potentially start to regain its upward momentum and continue its rally.
Overall, the Cardano price is in a precarious position at the moment. It has seen a significant price increase over the past week, but it is currently in a correction. To stop the downward trend and continue its rally, ADA needs to remain above the $0.28 price line. If the coin can manage to stay above this level, then the bulls may be able to take the lead and push the price even higher.