As a seasoned crypto investor with battle-scarred fingers from the wild rollercoaster ride that is the cryptocurrency market, I must say that the current downtrend has become as predictable as the tides. Yet, it’s always the exceptions like Cardano (ADA) that keep me on my toes.
The rates of most cryptocurrencies keep going down, according to CoinStats.
ADA/USD
Cardano (ADA) is an exception, rising by 1.84% over the past day.
On an hourly timeframe, it appears that the cost of ADA could have hit a temporary ceiling at approximately $0.3730. If the downward trend persists, there’s a potential for a retest of the $0.36 region in the near future.
Over a larger time period, keep an eye on the closing price of the bars, specifically how close it is to the bottom of yesterday’s candlestick. If the closure is near that level, a potential breakout could signal a further drop towards the $0.34 region.
Such a scenario is relevant until the end of next week.
On the weekly graph, the outlook remains negative as well. If the candle ends near its current price point, it might trigger a quick approach towards the next potential support level at approximately $0.3165.
ADA is trading at $0.3658 at press time.
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2024-08-03 21:23