As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of volatility and trends. Today, looking at the current state of Cardano (ADA), it seems we’re witnessing another correction. The hourly chart suggests that ADA is trading near its local support level, which, if unchecked, could potentially push it down to the $0.3350 zone.
The market is again mostly green, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has dropped by 3.87% since yesterday.
Looking at the one-hour chart, the cost of ADA is hovering close to its nearby support area around $0.3396. If current trends persist until the end of the day, there might be a potential drop toward the $0.3350 region in the near future.
On the daily time frame, the rate is falling after yesterday’s bearish closure.
If today’s candle ends beneath $0.3423 and shows a small wick (indicating little price action), there’s a possibility that the price could further decline towards the $0.33-$0.3350 range.
On a weekly basis, it appears that the sellers hold a stronger position compared to the buyers. If buying forces don’t take control swiftly, there’s a likelihood of a drop in price once the support is broken, which could lead us down to around the $0.32 region.
ADA is trading at $0.3426 at press time.
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2024-10-24 16:53