As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous cycles of market dominance and shifts in power dynamics between buyers and sellers. In my opinion, the current state of the cryptocurrency market seems to favor sellers, particularly when it comes to Cardano (ADA).
Sellers have turned out to be more powerful than buyers, according to CoinStats.
ADA/USD
The price of Cardano (ADA) has fallen by 2.63% since yesterday.
On the hourly chart, ADA‘s hourly pricing trend indicates a downward pressure from bears. Should this bearish pressure persist, there is a potential for the price to drop down to the $0.39 range.
As a crypto investor observing ADA on the daily chart, I notice that the price is currently some distance from both its recent high and low points. Should this trend continue into the closing bell, it’s unlikely we will witness significant price swings before the week concludes.
From the midterm point of view, bears are controlling the situation on the market.
As a market analyst, I would interpret a break below the crucial level of $0.40 for buyers as an indication that a correction might ensue. This potential correction could result in a test of the support level at $0.35.
ADA is trading at $0.40 at press time.
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2024-07-30 18:30