As a seasoned crypto investor with a few years under my belt, I’ve learned to take the market swings in stride. The current correction, as indicated by CoinMarketCap, is nothing new to me. I’ve seen this pattern play out numerous times before, and while it may not be the most pleasant experience, I remain calm and patient.
Based on CoinMarketCap’s data, many coin prices are undergoing adjustments following a significant surge.
ADA/USD
The rate of Cardano (ADA) has declined by 4.79% over the last day.
As an analyst, I’ve noticed that on the hourly chart, the price of ADA may have established a local support level around $0.4746. Nevertheless, it’s unlikely we’ll witness significant price movements before the day concludes, as most of the Average True Range (ATR) has already been surpassed.
In this case, sideways trading around the $0.48 mark is the most likely scenario.
As an analyst, I observe that the downtrend persists on a larger timeframe following the bearish finish seen yesterday. At present, no clear signs of reversal have emerged, suggesting the possibility of further declines approaching the support level at $0.46.
Looking from a midterm perspective, the price of ADA has recovered above the $0.50 mark. Yet, potential buyers still hold the power to take control before the week concludes. Should they succeed, the price could potentially rise further towards the resistance level of $0.5225.
ADA is trading at $0.48 at press time.
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2024-05-22 18:43