CandleFocus Will Cardano Hold $0.30 For Recovery?
2024-09-07
Author: Content Editor
The Bitcoin price crash has led to a bearish hit for altcoins, including Cardano. The overall crypto market has seen a decline, with $100 million in liquidations occurring within 24 hours. Despite this, Cardano has found support at $0.32 and shows signs of a double-bottom reversal. The daily RSI line also indicates bullish divergence. However, Cardano's network health has been declining, resulting in a decrease in daily transactions and transaction volume. The recent release of the CIP-1964 upgrade aims to decentralize the network and potentially boost the ADA token price in the next bull run. The falling channel pattern for Cardano may face resistance at various levels, but a bullish breakout could occur in October, pushing the price towards the 50% Fibonacci mark at $0.544.
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