Cardano, Binance Coin, The Sandbox Price Analysis: 17 December
As Bitcoin entered the $46,000-mark, the corresponding effects were witnessed in most altcoins as they struggled to counter the bearish force. As a result, Cardano, Binance Coin, and the Sandbox were trading in the red zone over the past day.
Cardano (ADA)
Source: TradingView, ADA/USDT
While most cryptos relished an Uptober, ADA lost nearly 60% of its value since its ATH on 2 September. After a 13.05% breakdown from the rising wedge, the price action steeply plunged to poke the $1.19-mark on 11 December.
Although the alt formed a descending triangle (yellow), the bulls retested the $1.26-mark (20-week resistance) four times before initiating a breakout. This push came alongside the news of the development of Cardano’s layer-2 scaling solution
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