As a researcher with a background in financial markets and experience in cryptocurrency analysis, I’ve been closely monitoring the market trends and the price movements of various digital assets, including Cardano (ADA). Based on the latest data from CoinMarketCap and my technical analysis of the hourly chart, it seems that ADA has experienced a 1.06% decline over the last 24 hours.
After a continued fall, the market is still weak, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has declined by 1.06% over the last 24 hours.
When examining the hourly chart, it’s essential to consider the daily bar’s closing price in relation to the nearby resistance level of $0.4329. If the daily candle closes close to or above this mark, there is potential for buyers to re-enter the market and drive prices back up towards the $0.44 zone.
Yesterday’s downturn in the market has given buyers an opportunity to take control. If they succeed in doing so and the price hovers around its current level, we could see a potential retest of the $0.44 mark by traders.
On a larger timescale, the situation is less defined as neither the buyers nor the sellers have built up sufficient momentum to make the next move evident. This is indicated by a decline in trading volume.
It’s more probable that the asset will trade at a slight angle within the range of $0.42 and $0.44 over the upcoming weeks.
ADA is trading at $0.4326 at press time.
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2024-05-15 15:18