As an experienced analyst, I believe that the recent price action of Cardano (ADA) is a critical moment for the cryptocurrency. The weekly support level at $0.433, which is also the weekly SMA 50, has been a significant point for ADA since late October 2023. Therefore, it’s essential to keep an eye on this level as buyers might step in to prevent further declines.
The price of Cardano (ADA) has reached a significant weekly support point, potentially triggering purchases from investors looking to halt any potential downward trend.
After several weeks of consistent decreases, ADA reached its 50-week moving average (SMA) at a price point of $0.433. This level has been instrumental in supporting the ADA price since late October 2023. Consequently, ADA’s encounter with this mark carries significant weight.
Last week, cryptocurrencies ended bearish as the market, spearheaded by Bitcoin, slid down on Friday following unexpectedly strong employment data from the government. The report revealed that 272,000 jobs were added in May.
Based on IntoTheBlock’s findings, approximately 3.47 billion ADA coins were acquired by around 350,940 unique wallets, with transactions taking place between the prices of $0.371 and $0.431, resulting in an average purchase price of $0.3944 for these transactions.
As a crypto investor, I keep a close eye on Cardano (ADA). If this digital asset can maintain its position above the current support level, which includes its weekly Simple Moving Average (SMA) 50, and starts to pick up momentum in an upward direction, it could be a sign of the beginning of a new bullish trend. The coming days will be crucial as traders and analysts closely monitor Cardano’s price action to gauge its next moves.
What’s next for ADA price?
At present, the price action of Cardano forms a symmetrical triangle on the chart, signaling a tug-of-war between buyers and sellers. On June 7, traders successfully lifted the ADA price above its daily Simple Moving Average (SMA) 50, which stood at $0.461. The token momentarily touched peaks of $0.49 but then faced resistance, leading to a subsequent decline in price.
As a researcher studying the cryptocurrency market, I’m observing that ADA has experienced a losing streak for the past four days. However, there are signs of a price rebound currently underway. If buyers manage to push the price above the $0.49 resistance level, we could potentially see ADA rally towards $0.62. There is a slight resistance at $0.57, but it’s anticipated that this hurdle will be surmounted.
If the price of Cardano drops below the daily Simple Moving Average (SMA) 50 at $0.461, this could suggest that buyers are cashing out their profits. As a result, the ADA price might remain contained within the triangle for an extended period.
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2024-06-09 19:04