While the majority of assets in the cryptocurrency market continue to suffer a bearish price movement trend, things are not much different for Cardano (ADA), which has just completed its eighth weekly red candle in a row.

Specifically, the closing price for Cardano in the previous eight weeks was below both the price at which it opened and previously closed, and the continuation of the weekly bearish pattern could be in store, as per the data retrieved on September 12.

ADA’s weekly candle chart. Source: TradingView

What it means for ADA price

Analyzing the chart, the last green candle for the eighth-largest cryptocurrency by market capitalization was last glowing in the week between July 11 and 17, 2023, following a red candle pattern in the weeks since then.

As such, the price of Cardano is well on its way to filling the red candle wick it had created in June when the weekly trading closed on a strong note where the sellers dominated, but the buyers managed to push ADA prices up.

According to pseudonymous crypto analyst CoinsKid, ADA could drop further towards the $0.185 zone, although some relief into the 20-period weekly exponential moving average (EMA) – at around $0.30 – could be in store.

Cardano price action analysis. Source: CoinsKid

On top of that, crypto analyst Benjamin Cowen wrote in a recent X post that ADA could be in for a protracted “depression phase” that could start once the price of ADA falls below $0.24, expecting it to persist until the expected return of quantitative easing (QE), which he believes could happen sometime in 2024.

READ MORE -  Why Regional Banks and First Republic Bank (FRC) are Struggling

Cardano price analysis

At press time, Cardano was changing hands at the price of $0.245, indicating a decline of 0.69% in the last 24 hours, in addition to losing 4.41% across the previous seven days and dropping 15.61% in the past month, as the recent charts demonstrate.

Cardano 7-day price chart. Source: Finbold

All things considered, Cardano remains under the pressure of the pessimistic sentiment on the wider crypto market, as well as the recent redistribution of the token that saw ADA whales selling or moving around 1.02 billion ADA in a single week.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Cardano price prediction as ADA forms 8th weekly red candle appeared first on Finbold.

Avatar photo
Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.