{"id":144640,"date":"2023-08-30T20:11:32","date_gmt":"2023-08-30T14:41:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/bulls-trap-threatens-correction-trend-to-hit-0-2-crypto-news\/"},"modified":"2023-08-30T20:11:35","modified_gmt":"2023-08-30T14:41:35","slug":"bulls-trap-threatens-correction-trend-to-hit-0-2-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bulls-trap-threatens-correction-trend-to-hit-0-2-crypto-news\/","title":{"rendered":"Bulls Trap Threatens Correction Trend to hit $0.2 &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-158037\">\n<p>\nThe ADA price failure to attempt to sustain a triangle pattern breakout puts additional selling pressure on traders.\t\t\t\t<\/p>\n<p><!--\n     \n\n<div class=\"marketThumbs\">\n             <noscript><img width=\"1200\" height=\"681\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/30191935\/1Nam5hHh-e1693403456182.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"ADA Price Analysis\" decoding=\"async\" fetchpriority=\"high\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">Published 31 mins ago  <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400\">Amid the broader market uncertainty, the ADA price resonated within a narrow range of a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/symmetrical-triangle-pattern\/\">triangle pattern<\/a> for the past two weeks. With the recent Bitcoin jump on August 29th, the buyers breached the pattern\u2019s overhead barrier in an attempt to kickstart a fresh rally. However, the overhead supply at an immediate barrier of $0.278 undermined the breakout move and put the sea altcoin at risk of further correction.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/markets\/ada-price-inches-towards-decisive-move-0-3-or-0-2\/\">ADA Price Inches Towards a Decisive Move: $0.3 or $0.2 \u2013 What\u2019s in Store?<\/a><\/p>\n<h2><b>Cardano Daily Chart: Key Points\u00a0<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A bullish breakout above the $0.278 resistance is needed to indicate a significant recovery.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The lower support trendline could bolster buyers to maintain a bullish outlook<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The intraday trading volume in the ADA coin is $375.5 Million, indicating a 133% gain<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"ADA Price Analysis\" width=\"1946\" height=\"1104\" data-lazy-src=\"https:\/\/s3.tradingview.com\/snapshots\/1\/1Nam5hHh.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.tradingview.com\/snapshots\/1\/1Nam5hHh.png\" alt=\"ADA Price Analysis\" width=\"1946\" height=\"1104\"\/><\/noscript>Source- Tradingview<\/span><\/p>\n<p><span style=\"font-weight: 400\">In theory, the triangle pattern assists in building sufficient momentum for the dominant force and continues a directional rally in the prevailing trend. A bullish breakout from the pattern overhead resistance was expected to release buying pressure but the buyers were blocked at $0.278 resistance.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400\">The aforementioned level aligned with the August 17th high indicates a strong resistance force against buyers. Interestingly, the whole two weeks\u2019 consolidation in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/cardano\/\">Cardano price<\/a> wavered within the range of aforementioned, indicating a high of $0.278 acted as major resistance, and the $0.238 low acted as strong support.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">The daily candle projecting high wick rejection at the aforementioned barrier indicates the overhead supply persists, and the coin holders may witness prolonged sideways until the range pattern is intact.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<h2><b>Here\u2019s Why Cardano May Plunge to $0.22 Support<\/b><\/h2>\n<p><span style=\"font-weight: 400\">By the press time, the ADA price traded at $0.264 with an intraday loss of 3%. This price drop plunged below the breached trendline of the triangle pattern, projecting the prior breakout as a bull trap. If the bearish momentum rises, the prices will break below the lower support and plunge the altcoin value to $0.238, followed by $0.2.<\/span><\/p>\n<ul>\n<li><b>Moving Average Convergence Divergence: <\/b><span style=\"font-weight: 400\">A bullish crossover state between the MACD(blue) and signal(orange) reflects the market participants\u2019 positive sentiment.<\/span><\/li>\n<li><b>Bollinger Band: <\/b><span style=\"font-weight: 400\">An uptick in the lower band of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/bollinger-band\/\">Bollinger band indicator<\/a> could offer additional support to buyers,<\/span><\/li>\n<\/ul><\/div>\n<div class=\"MarketBottm\">\n<div class=\"Socilsm\">\n<p>\n                    Share this article on:<\/p>\n<div class=\"LinksSo\">\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/share\/url?url=https:\/\/coingape.com\/markets\/ada-price-analysis-bulls-trap-threatens-correction-trend-hit-0-2\/&#038;text=ADA Price Analysis: Bulls Trap Threatens Correction Trend to Hit $0.2\" class=\"TeleS\"><i class=\"fa fa-paper-plane-o\"\/><\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/markets\/ada-price-analysis-bulls-trap-threatens-correction-trend-hit-0-2\/\" data-action=\"share\/whatsapp\/share\" class=\"TeleSwp\"><i class=\"fa fa-whatsapp\"\/><\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/share?url=https:\/\/coingape.com\/markets\/ada-price-analysis-bulls-trap-threatens-correction-trend-hit-0-2\/\" class=\"tw_new_logo\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" class=\"mb-1\" alt=\"coingape\" width=\"18\" height=\"18\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"18\" height=\"18\"\/><\/noscript><br \/>\n<\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/coingape.com\/markets\/ada-price-analysis-bulls-trap-threatens-correction-trend-hit-0-2\/\" class=\"TeleSFb\"><i class=\"fa fa-facebook\"\/><\/a>\n                    <\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA158037\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>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<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD158037\">\n<p>  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<p>     <!--           <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/category\/price-analysis\/\" class=\"closeArticle2 close-btn\">Close Story<\/a>--><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ADA price failure to attempt to sustain a triangle pattern breakout puts additional selling pressure on traders. Published 31 mins ago Amid the broader market uncertainty, the ADA price resonated within a narrow range of a triangle pattern for the past two weeks. With the recent Bitcoin jump on August 29th, the buyers breached [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":144641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-144640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=144640"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144640\/revisions"}],"predecessor-version":[{"id":144642,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/144640\/revisions\/144642"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/144641"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=144640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=144640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=144640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}