As an experienced analyst, I have seen many market fluctuations and trends in my career. The recent bounce back in the crypto market has been short-lived, with most coins once again finding themselves in the red zone, according to CoinMarketCap. This is a common occurrence in this volatile market, where gains can be quickly erased by unexpected events or news.
According to CoinMarketCap, the rebound in prices for most cryptocurrencies has been short-lived, with many coins returning to the red zone once again.
ADA/USD
The price of Cardano (ADA) has risen by 0.53% over the last day.
As a crypto investor, I’m observing the hourly price action of Cardano (ADA). At the moment, ADA’s rate is hovering around the midpoint of its local price channel. Specifically, it’s currently sandwiched between the supportive level at $0.4575 and the resistant barrier at $0.4648.
As a researcher studying market trends, I’ve noticed that if an upper level breakout occurs, there is a strong possibility that the accumulated energy could propel the price towards the $0.47 zone.
Looking at the larger time scale, keep an eye on the significant support level around $0.4656. Should the candle finish in its vicinity or even above it, the price trend might progress towards the $0.4750 to $0.48 zone in the near future.
As a crypto investor, I would advise focusing on the weekly chart’s less clear picture. Instead of looking at the entire chart, pay attention to the closing price of each bar in relation to the previous candle’s peak. If the closing price finishes above $0.4750, there is potential for growth towards testing $0.50. This scenario remains relevant until the end of the month.
ADA is trading at $0.4638 at press time.
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2024-06-07 12:23