While the 11.19% correction is certainly a blow for the Cardano price, especially after only just reclaiming the $1 mark, it seems necessary after a month of unchallenged.
Indeed, the sudden 184.17% gain over the past month, following months of stagnation, should set off warning signs that any rally would not be without its struggles.
And struggles it is facing. The recent inflows that bolstered the meteoric rise have faltered as the altcoin’s trading volume lapses 26% to $2.90 billion over the past 24 hours.
Cardano Price Analysis: Can ADA Reclaim $1?
While Cardano’s fall is worrying, technical indicators lend to a correction rather than a bearish reversal. In fact, it seems par for the course, following the ascending broadening wedge pattern forming over the past 2 years.
ADA / USDT 1W chart, ascending broadening wedge pattern. Source: Binance.
This pattern, characterized by a series of higher highs and higher lows, supports the continuation of the recent uptrend following a decisive break of its upper trendline.
Last week’s attempt on the pattern proved unsuccessful, likely credited to the Relative Strength Index (RSI) being deeply lodged in oversold territory at 82 – a telling sign that a correction was in order.
As the RSI cools down to more neutral territory this week, the Cardano price correction is expected to continue. A local bottom at $0.8206 seems credible, aligning with the pattern’s previous high.
From there, an impending bullish golden cross between the 50SMA and 200SMA suggests another breakout attempt may soon be in play. A move which, in recent history, has led to significant upticks in the Cardano price.
Given the pattern materializes, it sets a conservative price target of $2 running into 2025, representing a 120% advance on current prices.
As Cardano Loses Traction, This Low-Cap Gem is Gaining Steam
While a 2x gain for Cardano is certainly appealing, emerging opportunities hold the potential for quicker and more substantial returns. After all, fortune favours the bold.
As “meme coin supercycle” sentiment takes hold and coins like $ACT and $Pnut experience sudden rises to prominence, strategic investors are looking to newer low cap meme coins with exponential growth potential.
Among them, Crypto All-Stars ($STARS) stands out as a unique opportunity by pioneering the industry’s first meme coin staking platform.
The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.
This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to the project’s instant success, raising over $6 million in its presale already!
Investors who passed thus far are already kicking themselves, especially as $STARS itself offers one of the best passive income opportunities right now with a substantial 325% APY.
While the market has suffered under recent volatility, early All-Star investors have been raking in consistent gains!
While it’s not too late yet, the opportunity is fleeting. With the presale nearing its end in just over 24 days, the window to take action is closing fast!
Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.
Check Out Crypto All-Stars Here
The post Cardano Struggles As Market Turns Red, ADA Falls Below $1, Down 11% in 24 Hours – What’s Next? appeared first on Cryptonews.
