As a seasoned analyst with years of experience in the cryptocurrency market, I’ve seen trends rise and fall, much like the waves in a stormy sea. Looking at the current state of Cardano (ADA), it seems we are approaching another dip. The hourly chart suggests a potential breakout towards the support level of $0.3745, which could be followed by a further drop if the daily bar closes near it. On the bigger time frame, sellers’ pressure remains significant, and a breakout of the interim zone of $0.37 could lead to a more profound drop to the $0.36-$0.3650 area by the end of the week. From the midterm point of view, bulls failed to maintain the growth after the previous bullish candle closure. However, if buyers want to get back in the game, they need to push the rate above the $0.40 range. As I always say, “The market is like a box of chocolates, you never know what you’re going to get.” In this case, we might be looking at another piece of dark chocolate (a drop in price).
The correction continues on the market, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has fallen by 2.12% over the last 24 hours.
On an hourly timeframe, the cost of ADA is returning to its nearby support level at around $0.3745. If the day’s closing price hovers near this level, a potential breakthrough could occur, leading to a possible drop towards the $0.37 region and lower.
Looking at the broader perspective, there continues to be significant selling pressure. If the price breaches the short-term range around $0.37, traders might observe a larger decline, potentially reaching the region of $0.36 to $0.3650 by the end of this week.
Looking from a midterm perspective, the bulls seemed unable to sustain the upward momentum following the closing of the last bullish candle.
If buyers want to get back in the game, they need to restore the rate above the $0.40 range.
ADA is trading at $0.3750 at press time.
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2024-10-01 17:48