As a seasoned crypto investor with a knack for reading market trends, I must admit that the recent greening of the coin market has been a breath of fresh air after a tumultuous few months. However, looking at the current state of Cardano (ADA), my gut feeling is telling me to tread cautiously.
Some of the coins have come back to the green zone, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has dropped by 1% since yesterday.
On the hourly chart, the price of ADA is looking bearish, as it is near the local support.
Should the $0.8931 level be breached, it’s probable that the price will drop further towards the range of $0.88 to $0.89.
Over a larger time span, the bullish momentum from yesterday has not been sustained. If current conditions persist until the close of today, it’s possible that sellers will regain control, potentially causing a dip towards the $0.85 range.
Looking at the midterm perspective, the situation appears to be leaning more towards pessimism rather than optimism. If the weekly closing price remains close to or falls below its current levels, traders could potentially see a drop testing the $0.8173 mark in the near future.
ADA is trading at $0.8961 at press time.
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2024-12-24 13:28