As an experienced analyst, I have closely monitored the cryptocurrency market and Cardano’s (ADA) price movements over the past few weeks. Based on my analysis of the current situation, the weekend has started neutrally for the crypto market according to CoinMarketCap, with ADA dropping by 1% over the last 24 hours. The hourly chart indicates that the rate of ADA has dipped below the local support level of $0.4789.
The weekend has started neutrally for the cryptocurrency market, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has dropped by 1% over the last 24 hours.
Hourly chart indication: The price of ADA has dipped beneath the previous support at $0.4789. Should conditions remain unaltered by day’s end, the downward trend could carry on towards the $0.47 mark tomorrow.
Yesterday’s bullish finish for the Bulls wasn’t sustained, and the trading volume is currently light, indicating a lack of eagerness among buyers to take control.
In this case, there is still a chance of a correction to the $0.46-$0.47 area next week.
As a crypto investor, I keep a close eye on the price action from a medium-term perspective. I specifically focus on the weekly bar closures and pay particular attention to the level at $0.4759. If this level is surpassed during the week, it could be a sign of an uptrend continuing, potentially leading us to test the resistance at $0.50 by the end of the month.
ADA is trading at $0.4779 at press time.
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2024-05-18 19:13