Cardano Price Daily Chart
The ADA price may witness high supply pressure from the $0.3 resistance support.
In response to the triangle pattern, the buyers could lead recovery above the $0.3 barrier
The intraday trading volume in the ADA coin is $216.6 Million, indicating a 10% loss
Source-Â Tradingview
By the press time, the seventh largest cryptocurrency trades at $0.289 and continues to resonate within the triangle pattern barriers of $0.3 and a rising trendline. Until both these levels are intact, the price may remain in a sideways trend and shrink narrow of their converging behavior.
However, this pattern is known as a bullish continuation pattern, and the constant uplift from the rising trendline should bolster buyers to break the $0.3 neckline. Having said that, the neckline resistance aligned with resistance creates a high supply zone.
Therefore, a potential breakout from this barrier will project a strong buy signal which could lead the ADA price to potential targets of $0.352, followed by $0.42, and $0.46.
Can ADA Price Break to $0.26?
If awaiting supply pressure at the resistance trendline overthrows buyers, the prevailing downtrend in ADA price will continue. The post-reversal fall could plunge the price by 17% as it could breach $0.26, and reach $0.24.
Relative Strength Index:Â The daily RSI slope is still at 50% indicating the buyers would need higher momentum to break the overhead trendline.
Bollinger Bands:Â A squeezing band of the BB indicator suggests a volatile sentiment in the market.
