ADA Price Under Pressure, Bulls Still Optimistic

ADA price has entered into a range right below a critical resistance level, which has suppressed its price for the last three weeks.

ADA price has been trading in a range just below a key resistance level that has capped its price for the past three weeks. More node operators have upgraded to v9.1.0, bringing the total to 79%. Notably, Cardano price increased over the last 24 hours, which could be attributed to the Elon-Trump interview that the crypto community widely anticipated.

ADA Price Capped, But Bulls Still Bullish

ADA price reached $0.337 early Tuesday morning, while the total crypto market cap increased by 1.8%, possibly due to Elon Musk interviewing Donald Trump.

Meanwhile, the Chang hard fork is still being anticipated by the community as 79% of node operators have completed the migration to the new v9.1.0.

? UPDATE: #Cardano Node Version 9.1.0 = 79% #ChangHardForkhttps://t.co/7axFUfrJ2p pic.twitter.com/uoGOXQsH5N

— Cardano Feed ($ADA) (@CardanoFeed) August 11, 2024

These developments may not be enough to sustain the asset against the strong bear pressure, as indicated by the Cardano price chart analysis.

Cardano Price Set for More Drops

A recent technical analysis of Cardano shows that the price is currently in a short-term bearish trend, having broken down from a rising wedge pattern. This breakout suggests the potential for further downside.

The significance of the rising wedge breakout is that the measured move from the wedge’s height indicates a potential further drop of around $0.048, putting the ADA price target at approximately $0.280.

Moreover, Cardano price is trading below the 50-day EMA ($0.345) and the 200-day EMA ($0.378), which adds to the bearish outlook. Additionally, the 50-day EMA is trading below the 200-day EMA, which is often seen as a bearish sign.

Some resistance levels for Cardano are around the 50-day EMA and the 200-day EMA, while support levels appear around $0.28 and near $0.25, where previous consolidation took place.

The Relative Strength Index (RSI) at 40.42 is close to the oversold territory, indicating that while the bearish momentum is strong, the asset could be nearing an area where buyers may step in.

Furthermore, the Chaikin Money Flow is at -0.14, which shows that more capital is flowing out of ADA than into it, which aligns with the current bearish sentiment.

If the price of ADA rises and holds above the range, it could signal an increase in market strength, which would invalidate the current bearish thesis. ADA would rise to $0.376 and higher to $0.42.

Betting Bullish on ADA Price to Increase Higher

Cardano bulls are still optimistic that the price will increase as data from Coinalyze shows that 69% of investors are Long on the asset.

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