As Bitcoin (BTC) and Ethereum (ETH) fuel the crypto markets, Cardano (ADA) appears to be mounting a make-or-break recovery, but could Cardano price turn bearish?
As Cardano bulls fight to revive technical structure from a month of bleed-out price action, will this be enough to keep ADA from breaking out completely?
currently trading $0.37 (+24h change of 0.26%)At first glance, ADA appears ready to make an attractive breakout from its three-week tight struggle above $0.35.
However, despite a +5% gain over the weekend, things may not be quite over yet.
A dramatic correction to support above the MA20 came in a sink-or-swim bounce from the converged lower trendline and MA200 support, eliminating the 40-day unbroken localized capstone resistance that drained price action.
However, with historical price action indicating a prolonged consolidation period – ADA bulls will have a tough fight to maintain their paramount position.
This comes as the RSI has heated up to a significant degree at 53 – a dramatic increase that has shifted the price outlook from oversold to overbought.
ADA may face a technical retest of lower trendline support at current levels within 10 days, indicating a possible need for a period of consolidation.
Some reassurance has been added by the MACD, which is offering 0.0026 divergence against the bullish momentum.
Cardano Price Prediction: More Fragile Than Meets The Eye
Overall, despite clearly being a potential breakout, Cardano’s price action here is far more fragile than initially meets the eye.
The continuation of this upward move could soon see Cardano touch an ironclad resistance level at $0.40, which limits the upside potential to +5.25% on the lower time frame.
While downside risks to Cardano’s price remain a significant concern here, the possibility of a full-blown technical glitch is still on the cards.
This leaves the downside risk at $0.3078 (a potential downside of -19.02%).
Cardano price prediction on the lower time frame is therefore facing a brutal risk:reward structure of 0.28 – a foreshadowed entry with almost quadruple risk.
With Bleek Cardano Price Outlook: A Better Investment Than ADA?
ADA as investors Consider their options in the current bear marketAn exciting new opportunity has emerged ahead of a potential 2024 bull run through pre-sales.
And rising to the top of the crypto watchlist is Ecoterra, a pre-sale eco-friendly cryptocurrency.
Ecoterra: A Green Alternative in the Crypto Space
Ecoterra ($ ECOTERRA)An innovative ‘recycle-to-earn’ project, offers a unique investment opportunity to invest in a project set out to monetise recycling across the EU.
By encouraging recycling through its innovative R2E mechanism (which rewards users with tokens for their recycled waste), Ecoterra’s project promotes an eco-conscious lifestyle and responsible investment.
At the heart of this project, the $ECOTERRA token, allows for versatile uses within the ecosystem, including staking and reward distribution.
As the seventh phase of the Ecoterra presale is currently underway, early investors have a golden opportunity to invest in this eco-friendly cryptocurrency at a discounted price of just $0.0085 per token.
The pre-sale has been a roaring success, raising over $4.4 million in just eight weeks and interest is now building to a significant degree as the pre-sale offers an exciting investment prospect, especially with the listing price set at $0.01 Is.
But with only 4 days and 11 hours left until the next price point at $0.00925, interested supporters should get in quick.
More than Recycling: The Ecoterra Ecosystem
Beyond the innovative Recycle-to-Earn project, ecoterra ecosystem Covers several components including the Carbon Offsets Marketplace and the Recycled Materials Marketplace.
These are backed by a robust Ethereum blockchain framework, which ensures a secure and transparent platform.
Additionally, Ecoterra’s Reverse Vending Machine (RVM) rewards users with $ECOTERRA tokens for each recycled item, fueling a powerful cycle of sustainability and investment potential.
Help fight climate change by harnessing the power of blockchain
However, Ecoterra’s primary focus is to address the critical environmental challenges we face today.
By encouraging eco-conscious behaviours, Ecoterra offers a unique investment opportunity that not only promises potential financial returns but also the chance to make a positive environmental impact.
Hence with a bearish outlook on Cardano price, future investors should look at opportunities such as Ecotera.
EcoTera sets itself apart in the crypto market by offering not only a financial investment, but also a chance to participate in solving real-world environmental problems – ecologicalizing the economy.
With pre-sales still in progress, it’s time to get in on the ground floor of this promising eco-friendly cryptocurrency.
