As an experienced analyst, I’ve seen my fair share of market fluctuations and trends in the crypto world. Based on the current data from CoinMarketCap, it seems that most coins are yet to find their local bottoms. This includes Cardano (ADA), which has dropped by 1.29% over the last 24 hours.
Most of the coins have not found a local bottom, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has dropped by 1.29% over the last 24 hours.
On an hourly chart, it’s important to note the nearby support at $0.3796. Should the daily bar finish significantly distant from this mark and nearer resistance instead, there’s a possibility that the $0.39 area will be challenged the following day.
For longer-term perspective, traders need to consider the candlestick’s closing price relative to the nearby support level at $0.3772.
As an analyst, I would interpret the persisting selling pressure as potentially leading to a breakout below our current support level. Subsequently, we could witness a further decline towards $0.3575.
Based on the perspective of the mid-term outlook, the current market condition continues to indicate a downtrend. Should the price bar fail to extend significantly above its current value and close below $0.3793, it may trigger further declines toward the $0.35 price range.
ADA is trading at $0.3826 at press time.
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2024-06-21 18:39