🎉 #Gate Alpha 3rd Points Carnival & ES Launchpool# Joint Promotion Task is Now Live!
Total Prize Pool: 1,250 $ES
This campaign aims to promote the Eclipse ($ES) Launchpool and Alpha Phase 11: $ES Special Event.
📄 For details, please refer to:
Launchpool Announcement: https://www.gate.com/zh/announcements/article/46134
Alpha Phase 11 Announcement: https://www.gate.com/zh/announcements/article/46137
🧩 [Task Details]
Create content around the Launchpool and Alpha Phase 11 campaign and include a screenshot of your participation.
📸 [How to Participate]
1️⃣ Post with the hashtag #Gate Alpha 3rd
ADA price prediction: Will there be more downsides?
Technical analysis of the daily timeframe shows that Cardano (ADA) has been trading within an ascending parallel channel since June 2023. After several failed breakout attempts, ADA price finally cleared the channel's resistance trendline in December and subsequently rose parabolically. This breakout reached a new one-year high of $0.68 on Dec. 14. Since then, ADA has dropped dramatically. Thus, it created two long upper wicks (red icons), which were considered signs of selling pressure. Meanwhile, the RSI is below 50 and is falling (red circle).
Similar to the daily timeframe, the six-hour timeframe also does not provide a clear direction for the trend. This is due to price action and RSI data. The price action shows that ADA has been trading within a descending parallel channel since Dec. 14. Such channels often involve corrective actions. On January 8 (green icon), it bounced off the support trendline of the ADA channel, confirming the 0.5 Fib retracement support level at $0.46. However, he did not manage to get out of the channel. On the contrary, it was rejected on January 11 (red icon) and has since been dropped. It is currently trading below the midline of the channel. Also, the six-hour RSI is below 50. As a result, the resolution of the channel formation will determine the future trend for ADA.