The Cardano price dropped more than 3% in the last 24 hours to trade at $0.3282 as of 3:30 a.m. EST, on a 66% surge in trading volume to $279 million.
This drop in the ADA price comes despite the Cardano network launching the Chang hard fork yesterday. The Chang hard fork is a major upgrade set to introduce significant changes to the mainnet, and includes mechanisms for user participation in blockchain governance.
Cardano Price Bulls Face Downward Pressure: Can The Support Zone Hold?
The ADA/USDT daily chart shows the price trading within a well-defined bearish channel.
Cardano has found support at the $0.3010 level, forming a potential double-bottom pattern. This specific chart pattern is often considered a bullish reversal signal. As such, bulls could capitalize on this support zone to drive the ADA price higher and eventually initiate a rally above the bearish channel.
ADAUSDT Analysis Source: Tradingview
The Cardano price is now positioned below the 50-day Simple Moving Average at $0.3730 and the 200-day SMA at $0.4810, indicating that the broader trend remains bearish.
However, a breakout above the bearish channel and the 50-day SMA could trigger a bullish move towards the target price near $0.4000, representing a significant reward opportunity.
The Relative Strength Index (RSI) currently stands at 37.98, indicating that ADA is nearing oversold conditions, which could support a bounce in the Cardano price.
However, a failure to break above the current resistance and maintain support at $0.3000 could result in continued downward pressure, potentially leading to retests of lower levels.
Cardano Price Shows Signs Of A Bullish Trend Reversal
For the bullish reversal to remain in play, ADA needs to break above the 50-day SMA. If this happens, it might signal a shift in market sentiment that could lead to further gains.
The formation of a double bottom near support and the potential breakout from the bearish channel suggest a shift in momentum. If ADA manages to break out, it could rise to the $0.3750 – $0.4513 range, where traders might consider taking profits.
The rising trading volume near support also hints at increasing buying interest, indicating that investors could be accumulating in anticipation of a bullish move.
SHIBASHOOT Presale Crosses $1 Million: Best Meme Coin To Buy Now?
As ADA traders gear up for a passible rally, Shiba Shootout (SHIBASHOOT) , a Shiba Inu derivative, continues to attract more investors after storming past $1 million in early funding.
This bullish enthusiasm has caught the attention of crypto analyst and YouTuber Crypto Zeus, who says that SHIBASHOOT may explode 100X after its launch.
Set in the fictional town of Shiba Gulch, Shiba Shootout immerses players in thrilling gunfights featuring Shiba Inu-themed cowboys, where they can earn SHIBASHOOT tokens and experience engaging gameplay.
However, Shiba Shootout is more than just hype; it’s a play-to-earn (P2E) game with a growing ecosystem. A simplified version of the game is now available on Google Play and the Apple App Store, allowing early adopters to get a taste of what’s to come.
The game also features a Posse Rewards referral program, where players can invite new users and earn tokens for both themselves and their recruits.
Operating with a DAO-like structure, Shiba Shootout includes Token Governance Roundups where all SHIBASHOOT holders can vote on crucial project decisions.
Investors looking to maximize their returns can also take part in the project’s staking opportunity, which is offering an impressive 880% APY.
Currently, investors are snapping up SHIBASHOOT tokens at $0.0201 each through the official website’s buy widget. With prices set to increase in less than 7 days, now is the ideal time to get in on the meme coin.
Buy SHIBASHOOT tokens here using ETH, USDT, or bank card.
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