As an uptick for Bitcoin (BTC) and Ethereum (ETH) fuels up crypto markets, Cardano (ADA) appears to be mounting a make-or-break recovery, but could Cardano price be bearish?
As Cardano bulls fight to resurrect technical structure from a month of bleed-out price action, will it be enough to save ADA from complete breakdown?
Currently trading at $0.37 (a 24 hour change of +0.26%), on first glace ADA appears poised forming an alluring breakout from three-weeks of tight-fought consolidation above $0.35.
However, despite the +5% move to the upside over the weekend, things might not be quite over yet.
The dramatic reclamation of support above the MA20 came in a sink-or-swim bounce from converged lower trendline and MA200 support, ending 40-days of unbroken localised capstone resistance which bled price action dry.
However, with historical price action indicative of long-running consolidation periods – ADA bull will have to fight hard to maintain paramount position.
This comes as the RSI overheats to a significant degree at 53 – a dramatic increase which has shifted the price outlook from oversold to overbought.
Signalling the possible need for a period of consolidation, ADA could face a technical retest of lower trendline support within 10 days at current levels.
Little reassurance is added from the MACD, which offers a meagre 0.0026 divergence towards bullish momentum.
Cardano Price Prediction: More Fragile Than Meets the Eye
Overall, while ostensibly a potential breakout, Cardano price action here is far more fragile than initially meets the eye.
A continuation of this upside move could see Cardano soon touch an ironclad resistance level at $0.40, limiting upside potential to +5.25% on the short-time frame.
Whereas downside risk remains a significant concern for Cardano price here, with the possibility of a complete technical breakdown still firmly on the cards.
This leaves downside risk at $0.3078 (a potential -19.02% decline).
Cardano price prediction on the short-time frame is therefore facing a brutal Risk: Reward structure of 0.28 – a foreboding entry with almost quadruple risk.
With Bleak Cardano Price Outlook: Better Investments than ADA?
As ADA investors contemplate their options in the current bearish market, an exciting new opportunity emerges ahead of the posited 2024 bull run via presales.
And one presale surging to the top of crypto watchlists is the eco-friendly cryptocurrency, Ecoterra.
Ecoterra: A Green Alternative in the Crypto Space
Ecoterra ($ECOTERRA), an inventive ‘Recycle-to-Earn’ project, provides a distinct investment opportunity to invest in the project set to monetise recycling across the European Union.
By incentivizing 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 investing.
Situated at the heart of this project, the $ECOTERRA token, allows for versatile uses within the ecosystem, including staking and rewards distribution.
As the seventh stage 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 presale has been a roaring success, with over $4.4 million raised in just eight weeks and now interest is mounting to a significant degree as the presale offers an exciting investment prospect, particularly considering the listing price is set at $0.01.
But with only 4 days and 11 hours left until the next price point of $0.00925 interested backers must participate quickly.
More Than Just Recycling: The Ecoterra Ecosystem
Beyond the innovative Recycle-to-Earn project, the Ecoterra ecosystem incorporates multiple components, including a carbon offset marketplace and a recycled materials marketplace.
These are backed by a robust Ethereum blockchain framework, ensuring a secure and transparent platform.
Additionally, Ecoterra’s Reverse Vending Machines (RVMs) rewards users with $ECOTERRA tokens for each recycled item, fostering a powerful cycle of sustainability and investment potential.
Help Fight Climate Change Using Power of Blockchain
The primary focus of Ecoterra, however, is to address the crucial environmental challenges we face today.
By encouraging eco-conscious behaviors, Ecoterra offers a unique investment opportunity that promises not only potential financial returns but also the chance to make a positive environmental impact.
So with the bearish outlook on Cardano Price, future focused investors should be turning their gaze to opportunities like Ecoterra.
Offering not just a financial investment, but also a chance to participate in solving real-world environmental problems, Ecoterra sets itself apart in the crypto market – ecologizing the economy.
With the presale still in progress, now is the time to get in on the ground floor of this promising eco-friendly cryptocurrency.
Buy $ECOTERRA Here
Source: crypto news
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