\nDemand Pressure at $0.24 could bolster buyers for a fresh rally; is it enough to push ADA prices on the Recovery path?\t\t\t\t<\/p>\n
<!–<\/p>\n
![\"ADA](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/09\/0z3h76Ri-e1694545458684.png\")
<\/div>\n–><\/p>\n
Published 16 seconds ago <\/p>\n
Cardano coin price<\/a> has undoubtedly been on a rollercoaster these past two months. After peaking at $0.379, it plummeted to the recent lows of $0.2367, shedding a hefty 37.6% of its market value. As we zoom into the daily chart, a distinct pattern emerges \u2013 a down-sloping trendline that seems to be giving ADA a tough time. This trendline has played the role of a staunch gatekeeper, repeatedly repelling buyer\u2019s attempts to break free. The coin price reverted thrice from this resistance making it evident that traders encounter a formidable wall of sellers here. Under the influence of this dynamic resistance, will the ADA price extend the correction trend lower?<\/span><\/p>\n <\/p>\n Also Read: ADA Price Prediction: Will Cardano Correction Extend to $0.2 in September?<\/a><\/p>\n Recent market dynamics combined with the overhead supply pressure have pushed ADA to test the multi-month support of $0.24 as of September 11th. However, a glimmer of optimism emerged today as this altcoin registered a 2% bump, lifting its trading price to $0.246.<\/span><\/p>\n For this positive blip to materialize into a sustainable recovery, the buyers need to muster enough strength to shatter the overhead resistance trendline. Clearing this hurdle could offer buyers suitable support to rise higher.<\/span><\/p>\n<\/blockquote>\n The post-breakout rally would likely surge the prices to $0.28 and subsequently the $0.3 regions.<\/span><\/p>\n <\/p>\n Currently, the Cardano price trajectory appears to be dictated by two significant factors: the downward trendline overhead and the crucial $0.24 support. As long as these elements remain influential, the price action may be confined to a tight range, oscillating sideways. However, if the bearish momentum overwhelms ADA and it slips below the $0.24 threshold (especially with a daily candle closure), the price could hit $0.22, followed by $0.2.<\/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>\nA Potential Trendline Breakout will Push ADA for $0.3 Mark<\/b><\/h2>\n
\n
![\"ADA](\"https:\/\/s3.tradingview.com\/snapshots\/0\/0z3h76Ri.png\")
Source- Tradingview<\/span><\/p>\n\n
Is Correction Trend Poised to Hit $0.2?<\/b><\/h2>\n
\n
\n <\/a>
\n
\n![\"coingape\"](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"){kind=logo}
\n<\/a>
\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&d=mm&r=g\")