Cardano’s Bullish Trend Comes To A Halt As Bearish Trap Emerges! Will ADA Price Rebound Soon?
The post Cardano’s Bullish Trend Comes To A Halt As Bearish Trap Emerges! Will ADA Price Rebound Soon? appeared first on Coinpedia Fintech News
Cardano network made itself at the top of the league with continuous developments last week. However, despite gaining much traction with its Valentine’s upgrade, ADA price is now struggling even to hold its support level. Moreover, the latest downward move by Cardano has left investors worried as a bearish trap has formed, leaving ADA price vulnerable to new lows.
Cardano Takes An Unexpected Turn Amid Major Upgrades!
Input Output, the developing team behind Cardano, has recently released its weekly report on the development of the ecosystem. This update follows the Valentine’s Day release and precedes a significant milestone on Cardano’s roadmap: the journey to the Voltaire era.
The roadmap states that the Voltaire era is the fifth and final phase of Cardano’s development. This transition is of particular significance, as Cardano’s founder, Charles Hoskinson, has previously said that it will demonstrate the process of implementing decentralized governance in the crypto industry.
According to reports, the development team has been making ongoing efforts to address technical backlogs, enhance testing infrastructure, and improve documentation related to the formal CIP-1694 specification, which outlines a proposal to transition into the Voltaire era.
Though the Cardano network is putting all efforts toward improving users’ experience, the ADA token has made a significant price plunge in the last few days and seems to form a bearish trap ahead with a solid divergence pattern.
What’s Next For ADA Price?
For the last two days, the bulls were successful in maintaining Cardano’s ADA token above the critical support level of $0.35. However, they were unable to maintain the rebound above the EMA-20 trend line at $0.38, indicating that the bears are selling during small rallies.
As of writing, ADA price trades at $0.36, with a decline of 4.41% in the last 24 hours. Looking at the daily price chart, bulls are now defending the weekly support level of $0.35, as a breakout may slump the token to $0.28.
However, a prominent crypto analyst, MMBtrader, predicts that ADA price is now preparing for a reversal as it has reached the buyers’ zone for initiating long positions. As seen in January, ADA may continue its bearish trend to $0.32 and make a bullish comeback which will push the token’s price to the critical resistance of $0.42. A trade above EMA-200 will take the token to the level of $0.5 by the beginning of March.
Filed under: Bitcoin - @ February 26, 2023 1:31 pm