Despite having lost 86.2% of its previous peak of $3.09, Cardano is still the eighth-largest cryptocurrency by market capitalization. The $1 trading price is still a major obstacle for Cardano.
Even after upgrades and developments, the price of Cardano continues to be low and does not appear to be doing much to support its growth. At the time of writing, ADA is trading at $0.43 and is up by more than one percent.
The technical chart of ADA/USDT sheds more light on Cardano’s price movement, which shows a cyclical pattern.
The asset’s price has been responding to a descending triangle pattern on the daily time frame for the past four months.
What Next For ADA Price?
It appears that the $0.417 support level, which has already been tried three times, is important for ADA since failing to reach it would result in a sharp decline in the asset’s trading price.
A second pattern that the observed triangle contains and that the price of Cardano reacts to is a descending wedge pattern. This appears to be the cause of the cryptocurrency’s current price of $0.42.
This wedge formation may suggest a slight uptick in ADA’s price of 9%, which would be positive for the altcoin. Cardano is expected to experience downward pressure if it breaches the extended support level of $0.418 and falls to a much lower support level of $0.3675.
In contrast, if the contrary occurs, ADA might appreciate in value to a trading price of $0.4850, and if demand rises, this level will be surpassed and the asset’s price would soar all the way up to $0.5835.
Currently, Cardano’s main hurdle is to reach the $1 level, which is lower than its all-time high of $3.09, which was reached on September 2 of last year.