• Cardano price continues to consolidate and congest inside the Cloud on the daily chart.
  • Whipsaws in price action continue to vex bulls and bears, frustrating both sides of the market.
  • The immediate threat remains bearish, but conditions are slowly developing to lean in favor of the buyers.

Cardano price action over the weekend has been an exercise in frustration for buyers and sellers alike. Solid bullish momentum that began last Thursday (September 28th) failed to generate follow-through buying pressure. Additionally, bears have been unable or unwilling to show conviction in a resumption of selling pressure.

Cardano price trend remains bearish; threshold for bulls to take over benefits any spike in buying pressure

Cardano price is currently in a position to see buyers have a much easier time taking control of this market and propel Cardano into a new bullish expansion phase. The first hurdle that bulls need to leap over is a return and close above the daily Kijun-Sen at $2.36. From there, they need to push above the Cloud and close the Chikou Span above the candlesticks.

This would occur at $2.53. However, a close at $2.53 would mean the Chikou Span is not yet in ‘open space’ (a condition where the Chikou Span would not intercept any candlesticks over the subsequent five to ten periods in the future). Thus, for ‘open space’ to be accurate, buyers will need to close Cardano price above $2.64 or wait until October 11th, when a close above $2.53 would be sufficient to confirm the Chikou Span in ‘open space.’ From there, new-all-time highs would be all but a forgone conclusion.

ADA/USDT Daily Ichimoku Chart

However, given the current Cardano price action within the Ichimoku Kinko Hyo system, the current trend continues to favor bears. The final step for Cardano to enter a clear and sustained bear market is a close below the Cloud – which also coincides with a close below a bearish pennant. A close below $2.01 would ensure a test of $1.90 as support before a deeper thrust lower towards $1.67.


Like this article? Help us with some feedback by answering this survey:


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Dogecoin's recent lag provides opportunity for investors to ride potential 40% rally

Dogecoin's recent lag provides opportunity for investors to ride potential 40% rally

Dogecoin (DOGE) is up 1% on Tuesday, as a recent analysis shows that its price is following similar patterns to top cryptocurrencies like Bitcoin, Ethereum, and Solana. 

More Dogecoin News

Ethereum set for new all-time high: Peter Brandt, Bitwise

Ethereum set for new all-time high: Peter Brandt, Bitwise

Ethereum is up nearly 2% on Tuesday following predictions from Bitwise chief investment officer Matt Hougan that ETH ETFs could help push ETH to a new all-time high above $5,000. Other predictions also align with Hougan's position.

More Ethereum News

Worldcoin rallies over 36% after announcing token unlock extension

Worldcoin rallies over 36% after announcing token unlock extension

Worldcoin announced the extension of WLD token unlocks for team members and investors from three to five years. Investors raised concerns about the rising supply of WLD, speculating a possible price manipulation. WLD is up more than 36% following the announcement.

More Worldcoin News

Meme coins rally amidst Ethereum ETF approval hype, PEPE extends gains by 10%

Meme coins rally amidst Ethereum ETF approval hype, PEPE extends gains by 10%

PEPE, a meme coin built on Ethereum, and based on a popular frog-themed meme has rallied in double digits on Tuesday. As crypto market participants await the SEC’s approval of a Spot Ethereum ETF, meme coins have started recovering from their decline.

More Pepe News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis

BTC

ETH

XRP