As a seasoned researcher with years of experience in the cryptocurrency market, I have seen numerous fluctuations and trends that would make even the most hardened investors sweat. Today, however, I find myself intrigued by the performance of Cardano (ADA).
Buyers are getting back in the game at the end of the week, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has increased by 1.6% over the last 24 hours.
On an hourly timeframe, the cost of ADA could potentially hit a nearby resistance point at approximately $0.3652. If the day’s closing price hovers around this level, there’s a possibility of a breakout occurring, leading to potential further increases towards the $0.37 region.
After a misleading drop below the $0.3419 support, there’s a strong possibility that the price of ADA could surge again towards the $0.38 region if today’s trading ends near its highest point. This upward trend might persist until the end of the week.
Looking from a midterm perspective, it appears that buyers aren’t prepared to sustain the momentum of growth, as suggested by the decrease in volume.
If the price of ADA exceeds $0.40 again, bulls might consider more growth potential.
ADA is trading at $0.3643 at press time.
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2024-08-29 18:44