Also Read: Cardano (ADA) Slumps Further After Bitcoin’s (BTC) $25,000 Retest: Can ADA Meet Up To Uwerx’s (WERX) Price Surge?
Cardano Coin Daily Chart
Under the influence of a triangle pattern, the ADA price may witness high volatility before an explosive move
The area between the triangle pattern stays as a no-trading zone for newcomer
The intraday trading volume in the ADA coin is $134.5 Million, indicating a 37% loss
Source- Tradingview
Amid the current consolidation, the ADA price shows the formation of a symmetrical triangle pattern in the 4-hour time frame chart. By the press time, the ADA price trades at $0.266 and continues to resonate within the two converging trendlines.
In theory, this triangle pattern usually offers a brief break before the coin price continues to the prevailing trend. Therefore, with a higher possibility a breakdown below the support trendline will accelerate the selling pressure and tumble price by 9% to the bottom support the $0.24.
On June 10th, the ADA price showed a long-tail rejection candle at $0.24 support indicating this level stands as a strong accumulation zone and a crucial point of a trend reversal.
Will Cardano Price Reach $275 Mark?
For the Cardano coin price to reclaim higher grounds, the buyers need to breach the overhead trendline of the triangle pattern. This breakout may offer buyers a solid springboard to push prices to higher levels and challenge the immediate horizontal resistance of $253.
Bollinger Band: The Bands of the Bollinger band indicator squeezed project the trapped momentum which may lead to an imminent breakout opportunity
Relative Strength Index : The rising RSI slope reflects the underlying bullish momentum in rising indicating a breakout above the overhead trendline is plausible.
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