Cardano Price is Bearish But This New Eco Friendly Coin Ecoterra is Pumping – Here's Why
As an uptick for Bitcoin (BTC) and Ethereum (ETH) fuels up crypto markets, Cardano (ADA) appears to be mounting a make-or-break recovery, but could Cardano price be bearish?
As Cardano bulls fight to resurrect technical structure from a month of bleed-out price action, will it be enough to save ADA from complete breakdown?
Currently trading at $0.37 (a 24 hour change of +0.26%), on first glace ADA appears poised forming an alluring breakout from three-weeks of tight-fought consolidation above $0.35.
However, despite the +5% move to the upside over the weekend, things might not be quite over yet.
The dramatic reclamation of support above the MA20 came in a sink-or-swim bounce from converged lower trendline and MA200 support, ending 40-days of unbroken localised capstone resistance which bled price action dry.
However, with historical price action indicative of long-running consolidation periods - ADA bull will have to fight hard to maintain paramount position.
This comes as the RSI overheats to a significant degree at 53 - a dramatic increase which has shifted the price outlook from oversold to overbought.
Signalling the possible need for a period of consolidation, ADA could face a technical retest of lower trendline support within 10 days at current levels.
Little reassurance is added from the MACD, which offers a meagre 0.0026 divergence towards bullish momentum.
Overall, while ostensibly a potential breakout, Cardano price action here is far more fragile than initially meets the eye.
A continuation of this upside move could see Cardano soon touch an ironclad resistance level at $0.40, limiting upside potential to +5.25% on the short-time frame.
Whereas downside risk remains a significant concern for Cardano price here, with the
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