Cardano price consolidates as traders eye $1 breakout – or deeper correction
Cardano price is trading just under $0.88, showing signs of consolidation as traders are looking at which direction it will go next.
- Cardano’s price saw a slight daily rise of 0.55% to $0.8763
- The coin is currently engaged in a fight with Tron and Dogecoin for dominance
- ADA formed a wedge and a golden cross pattern, indicating that big moves may be ahead
Cardano (ADA) price is gearing up for big moves, and what happens in the coming days may determine the direction. On Wednesday, August 20, Cardano traded at $0.8763, after a slight daily gain to $0.8763. This comes after the token saw a significant 10% daily decline from levels close to $1.
After reaching $1 earlier in the week, Cardano briefly overtook Tron (TRX) and Dogecoin (DOGE) in market cap. Now, the three tokens are locked in a fight for the 8th spot among the top crypto assets. Each is currently hovering above $30 billion in market cap, with Tron in the lead, followed by Dogecoin.
Cardano’s price could see a breakout
Technical indicators suggest that Cardano’s price is nearing an inflection point. Notably, the price is moving in a triangle pattern, which often leads to big moves, either up or down. Specifically, support and resistance are at $0.88 and $0.98.
If Cardano stays above $1, the token is set for a bullish breakout toward $1.10, $1.15, or even $2. However, a fall below the $0.88 support could signal that a major correction is coming. Still, other indicators suggest that a bullish breakout is more likely.
Specifically, Cardano’s price is also exhibiting a golden cross pattern, which is a classic bullish signal. This rare signal happens when the 50-day moving average crosses above the 200-day moving average. This indicator suggests that ADA could be set for the start of a longer uptrend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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