- Cardano price prepares for a falling wedge pattern breakout.
- The Cardano Foundation is in Las Vegas this weekend for the Web3 expo.
- Low trading volumes could invalidate ADA price's impending move to $0.47.
Cardano price appears stuck in a downtrend – between a higher low and lower low pattern. The smart contracts token recently rebounded from its support at $0.42. However, buyers have not been able to take over from bears, citing acute resistance at $0.44. On the bright side, the formation of a falling wedge pattern on the eight-hour chart hints at a potential bullish breakout.
Cardano Foundation in Las Vegas for the Web3 expo
The Cardano Foundation will grace the Web3 expo in Las Vegas on October 10 -13. The conference brings together all Web 3.0 and the metaverse at Wynn Resort & Casino. Investors and crypto enthusiasts will learn firsthand how to invest wisely in the dynamic Web 3.0 space from industry experts.
Before the conference on October 8 and 9, the Cardano Foundation will attend the cNFTcon event. The organization's head of partnerships and executive officer Jeremy Firster will lead the ecosystem.
Cardano price ready to climb 11% to $0.44
A falling wedge pattern forms after a big downward movement in price. Its upper trend line marks a sequence of higher lows, while the lower trend line joins a series of lower lows. As the two lines converge, ADA price consolidates.
A diminishing trading volume characterizes the mundane sideways movement at the pattern's apex. To validate the wedge, Cardano price must escape the pattern through the upper trend line before the lines meet.
ADA/USD eight-hour chart
Traders should watch out for a sharp spike in volume as ADA price rises above the wedge pattern. Moreover, the MACD (Moving Average Convergence Divergence (MACD) will step into the positive region (above the mean line), further cementing the bulls' influence on the price.
A buy signal will come to life as the 12-day EMA (Exponential Moving Average), blue, crosses above the 26-day EMA, red. Although the wedge pattern suggests an 11% breakout to $0.47, traders could choose to take profit at the 50-day SMA and the 100-day SMA – keeping in mind the overall crypto bear market conditions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
-637336005550289133_Medium.jpg)
Chainlink surges amid World Liberty purchase, Emirates NBD partnership and CCIP launch on Ronin network
Chainlink price surges around 15% on Thursday, reaching levels not seen since mid-November 2021. The rally was fueled by the Donald Trump-backed World Liberty Financial purchase of 41,335 LINK tokens worth $1 million on Thursday.
Ethereum, Chainlink and Aave rally after Donald Trump’s World Liberty buys $12 million worth of tokens
Donald Trump-backed DeFi platform, World Liberty Financial (WFLI), spent $12 million on Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) on Thursday, sparking a 2% rise in ETH and over 20% rallies in LINK and AAVE.
Sui hits new all-time high of $4.9 as Backpack integration sparks $466 million DEX volume surge
Sui price reaches a new all-time high of $4.9 on Thursday after increasing more than 20% in the previous week. The rally was fueled by the announcement that the Backpack exchange and wallet integration with SUI and DEX volume reached record levels.
XRP investors realized $800 million in profits amid signs of massive rally to $4.75
Ripple's XRP continued its rally on Wednesday as it looks to test the upper boundary of a key flag channel. Following the recent price rise, investors booked profits worth nearly $800 million while options traders bet on the remittance-based token hitting the $5 mark.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.