• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Cardano, ADAUSD, ADAUSDT, ADABTC, cryptocurrency
Sensei Inu Logo

Cardano Price Erases Breakout Pop by Half, Faces Bearish H&S Risks

Yashu Gola by Yashu Gola
3 years ago
in Cardano
Reading Time: 2 mins read

Cardano gained some positive traction in the early European trading hours Friday after erasing more than half of its bullish breakout move in the previous session.

The blockchain asset, better known by its ticker ADA across markets, climbed more than 2.25 percent to $1.25 into the ongoing intraday session. Its move uphill started near a session low of $1.178. At its intraday high, ADA was changing hands for as much as $1.298. The $1.178-1.298 range pretty much made for the trading area on Friday.

Nonetheless, the area appeared way below ADA’s week-to-date high achieved on Thursday. The Cardano token surged to $1.498 in a bullish move that appeared after it broke out of a technically bullish pattern — a Descending Triangle with an upside target near $1.50 (NewsBTC discussed the bullish theory here).

A strong upside rejection near $1.50 triggered a cascade of selling orders, crashing ADA down by more than 21.50 percent. The downside correction nearly wiped out half the bullish breakout move, underscoring that ADA needs to rebuild its bullish momentum near lower levels or risks extending its bearish correction even further.

Strong Cardano Fundamentals Meet Worrisome Technicals

So far, Cardano as a blockchain project has everything working in its favor. The protocol has grown into the conscience of traders who see it as a viable alternative to Ethereum, another blockchain project loaded with smart contract functionalities but suffering high transaction and gas fees issues.

Its growing prominence has led ADA higher by more than 600 percent in 2021 and 4,000 percent on a year-on-year timeframe. Meanwhile, Cardano’s latest protocol upgrade to “Mary” has enabled users to issue their unique tokens, including the booming non-fungible tokens (NFT), which has added further fuel to ADA’s bullish bias.

But short-term—technically—the Cardano token flirts with the prospect of declining further. It is in the middle of creating a Head and Shoulder, a structure that appears as a baseline with three peaks, the outside two are close in height, and the middle is highest. ADA ticks all three factors but awaits further confirmation as it hopes to trend lower towards the baseline to attempt a bearish breakout.

Cardano, ADAUSD, ADAUSDT, ADABTC, cryptocurrency
Cardano hints at H&S breakdown. Source: ADAUSD on TradingView.com

Should a decline appear, the ADA price would risk crashing by as much as the middle peak’s height. The candlestick(s) is about 0.32 dollars long. That puts the head and shoulder pattern’s breakout target to near $0.85.

Tags: adabtcadausdADAUSDTCardanocryptocurrency
Tweet123Share196ShareSend
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Cardano ADA ADAUSDT

Cardano Sees Spike In Development Activity, Can The Price Of ADA Follow?

2 days ago
Cardano ADA

Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

6 days ago
Cardano

Cardano Whales Sell 1.02 Billion ADA, More Pain Ahead?

3 weeks ago
cardano

Cardano Announces Warp Transactions, ADA Remains Stuck In Ranging Market

3 weeks ago
Cardano

Cardano HODLing: Long-Term Holders See 170% Rise In Past Year

4 weeks ago
Cardano Base

Base Chain TVL Surpasses Cardano As Interest Swells

1 month ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Solana Defies Price Fears, Bitcoin Spark Leads ICO...

    3 hours ago
  • Mercante Technologies to Launch AI-Powered Customer Support...

    4 hours ago
  • Expert Reviews Of IBKR vs eToro And The Promising Broker...

    9 hours ago
  • Meta Force by Lado Okhotnikov Launches SWAP: Secure and...

    22 hours ago
  • Solana Remains Stable, Bitcoin Cash, and Borroe.Finance...

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.