{"id":41890,"date":"2023-01-21T09:11:53","date_gmt":"2023-01-21T09:11:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=41890"},"modified":"2023-01-21T09:11:53","modified_gmt":"2023-01-21T09:11:53","slug":"cardano-price-could-trigger-a-15-correction-if-ada-bulls-fail-to-take-control","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=41890","title":{"rendered":"Cardano price could trigger a 15% correction if ADA bulls fail to take control"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Cardano price is having trouble overcoming the $0.369 hurdle while the RSI continues to tank.<\/strong><\/li>\n<li><strong>ADA could slide 15% to retest the $0.303 support level.<\/strong><\/li>\n<li><strong>A flip of the $0.369 resistance level into a support floor with the backing of rising momentum will invalidate the bearish outlook.<\/strong><\/li>\n<\/ul>\n<p>Cardano price shows an <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/cardano-price-prediction-ada-presents-a-double-scenario-202301201901\" rel=\"noopener\">ongoing struggle<\/a> at a hurdle that has previously served as a stable support. A failure to move past this blockade without the blessings of bulls will be short-lived and could result in a reversal of the trend.<\/p>\n<h2 class=\"fxs_headline_medium\"><strong>Cardano price at wits\u2019 end<\/strong><\/h2>\n<p>Cardano price <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/cardano-price-forecast-ada-rally-is-dead-and-buried-as-central-bankers-scream-for-armageddon-202301201346\" rel=\"noopener\">inflated by 54%<\/a> in the last three weeks and has retested the $0.369 hurdle twice. As a result, ADA has produced equal highs at this barrier, which could lead to two things.<\/p>\n<ul>\n<li>A double top formation that results in a trend reversal and a 15% downswing that retests\u00a0 $0.303.<\/li>\n<li>Or a minor run-up to collect the buy-stop liquidity above $0.369, followed by a retracement to $0.303.<\/li>\n<\/ul>\n<p>Both outlooks are plausible since the RSI is showing signs of waning momentum. Looking at the price action of ADA for the <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/cardano-price-prediction-too-early-to-call-the-uptrend-over-202301200053\" rel=\"noopener\">last few months<\/a> shows that every local top has been a result of declining momentum.\u00a0<\/p>\n<p>Therefore, investors need to pay close attention to Cardano price, which shows a similar setup. Beyond $0.303, the 62% and 70.5% retracement levels at $0.288 and $0.277, respectively, are good places for buyers to make a comeback.<\/p>\n<p><img decoding=\"async\" alt=\"ADA\/USDT 12-hour chart\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/ADAUSDT_2023-01-21_11-54-01-638098790708100299.png\" style=\"width: 949px;height: 598px\" \/><\/p>\n<p><small>ADA\/USDT 12-hour chart<\/small><\/p>\n<p>On the other hand, if bears fail to make their presence known, Cardano price could bounce around $0.321 and allow the RSI to reset around the midpoint at 50. In such a case, if ADA produces a twelve-hour candlestick close above $0.369 that flips it into a support floor will invalidate the bearish thesis.<\/p>\n<p>Such a development could see Cardano price revisit the $0.403 and $0.441 hurdles.\u00a0<\/p>\n<h2 class=\"fxs_headline_medium\"><strong>Here&#8217;s how Bitcoin price moves could affect Cardano price<\/strong><\/h2>\n<div class=\"youtube_cke fxs_external\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe loading=\"lazy\" title=\"Is Bitcoin price in a bear market rally, or is it the start of a bull run?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/MSNQ2xFz-qk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div>\n<p>\u00a0<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiiQFodHRwczovL3d3dy5meHN0cmVldC5jb20vY3J5cHRvY3VycmVuY2llcy9uZXdzL2NhcmRhbm8tcHJpY2UtY291bGQtdHJpZ2dlci1hLTE1LWNvcnJlY3Rpb24taWYtYWRhLWJ1bGxzLWZhaWwtdG8tdGFrZS1jb250cm9sLTIwMjMwMTIxMDkwNNIBjQFodHRwczovL3d3dy5meHN0cmVldC5jb20vYW1wL2NyeXB0b2N1cnJlbmNpZXMvbmV3cy9jYXJkYW5vLXByaWNlLWNvdWxkLXRyaWdnZXItYS0xNS1jb3JyZWN0aW9uLWlmLWFkYS1idWxscy1mYWlsLXRvLXRha2UtY29udHJvbC0yMDIzMDEyMTA5MDQ?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano price is having trouble overcoming the $0.369 hurdle while the RSI continues to tank. ADA could slide 15% to retest the $0.303 support level. A flip of the $0.369 resistance level into a support floor with the backing of rising momentum will invalidate the bearish outlook. Cardano price shows an ongoing struggle at a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[340,211,266,1399,679,988,195,3731],"class_list":["post-41890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-ada","tag-bulls","tag-cardano","tag-control","tag-correction","tag-fail","tag-price","tag-trigger"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2021\/11\/cardano_Large.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/41890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41890"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/41890\/revisions"}],"predecessor-version":[{"id":41891,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/41890\/revisions\/41891"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/716"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41890"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}