As an experienced analyst, I’ve seen my fair share of market fluctuations, and this latest trend in the crypto market doesn’t come as a surprise to me. According to CoinMarketCap, sellers are keeping the pressure as most coins experience price drops, including Cardano (ADA).
Sellers maintain their grip on the market as the prices of many coins decline, based on CoinMarketCap’s data.
ADA/USD
The rate of Cardano (ADA) has dropped by almost 2% over the last day.
On the hourly chart, the cost of ADA sits right in the middle of a narrow price range. Neither side appears to have the upper hand, suggesting that price movements will likely be confined to the $0.4220 to $0.4230 range for the remainder of the day.
In the day-to-day market analysis, bears hold greater influence over price movements than bulls. Should sellers manage to break through the $0.42 support level, a potential slide toward the $0.40-$0.41 price zone could ensue.
From a mid-term perspective, no indications of a reverse have emerged as of yet. A weekly close in proximity to the support level could potentially build up sufficient momentum for a price surge toward the $0.38 region.
Such a scenario is relevant until the end of the month.
ADA is trading at $0.4213 at press time.
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2024-06-14 18:05