\nUnder the influence of a pennant pattern, the ADA price may consolidate longer before the significant directional move.\t\t\t\t<\/p>\n
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<\/a> The Cardano coin has been a steep correction for over a month now and marked a recent low at $0.29. Starting from the July 14th high of $0.379, this altcoin lost a market value of 37% and evaporated the entire gain of June. However, the daily chart shows the falling price turned sideways after obtaining support at $0.29 and showcased the formation of a bearish pennant pattern. Here\u2019s how this chart setup could influence the ADA price<\/a> in the near future.<\/span><\/p>\n <\/p>\n Also Read: Cardano Debuts New Hydra Version, ADA Price Pump Incoming?<\/a><\/p>\n After the sharp sell-off on August 17th, the ADA price witnessed demand pressure near $0.29 and went sideways. This consolidation spread in a narrow range reflects uncertainty in the market sentiment but with a closer look in the 4-hour chart, it forms a triangle<\/a> of a pennant pattern.<\/span><\/p>\n This often appears in a downtrend and offers a short breather to recuperate bearish momentum and prolong the prior trend. Currently, the ADA price trades at $0.267 with an intraday of 3.44%. Until the two converging trend lines are intact, the coin price may continue its lateral walk and approach the triangle\u2019s peak.<\/span><\/p>\n<\/blockquote>\n With a higher possibility, the Cardano coin should break the lower trendline which may intensify the selling momentum. The post-breakdown fall may plunge the prices 14.5% down to retest the June month low of $0.22.<\/span><\/p>\n <\/p>\n While the market sentiment remains bearish for Cardano\u2019s price, a breakout above the overhead trendline of the triangle structure could increase buying pressure. This breakout bolsters a minor upswing in the current downtrend and may push the prices 20% higher to hit $0.323.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nCardano Daily Chart: Key Points\u00a0<\/b><\/h2>\n
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Source- Tradingview<\/span><\/p>\n\n
Can Cardano Coin Reclaim $0.3 Mark?<\/b><\/h2>\n
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