As a seasoned analyst with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of market fluctuations. Looking at Cardano (ADA), it seems we’re witnessing a steady climb, albeit a cautious one. The current price action suggests that sellers might be gaining momentum, but not enough to overpower the bulls just yet.
Sellers are becoming more powerful at the end of the week, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has dropped by 0.40% since yesterday. Over the last week, the price has risen by 12.69%.
On the hourly chart, the price of ADA is closer to the resistance level than to the support.
If the price exceeds the current upper limit, it could potentially reach the $1.22-$1.23 zone by the next day.
On the daily chart, if the price approaches the resistance level of approximately $1.2424 and finishes near that point, the potential built-up force could lead to a possible challenge of the $1.30 region in the near future.
Looking at the midterm perspective, traders ought to focus on whether the trading week ends with a candle above the $1.1542 level. If it does, it suggests that the bulls hold the upper hand over the bears.
ADA is trading at $1.2109 at press time.
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2024-12-08 18:22