As a seasoned analyst with over a decade of experience in the crypto market, I have seen numerous ups and downs, bull runs, and bear markets. Having witnessed the meteoric rise and fall of many digital assets, I approach every new trend with a cautious optimism.
Buyers have energy for an ongoing rise, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has risen by 4.39% since yesterday.
On an hourly basis, the price of ADA could be establishing a temporary ceiling at around $0.3743. Should the day’s closing price significantly deviate from this level, the downward trend might persist and reach the support area by the following day.
Looking at a broader perspective, the price has rebounded from the resistance level of approximately $0.3730. If bulls fail to take control before the end of the day, there’s a possibility that the price might decline towards the $0.36 region by the close of the week.
From the midterm point of view, one should pay attention to the weekly candle closure.
If it occurs close to its maximum point, a further rise could potentially prompt a quick test of the $0.38-$0.40 level soon.
ADA is trading at $0.37 at press time.
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2024-08-22 19:21