As an analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. Today, looking at the current state of the market, I find myself cautiously optimistic about Cardano (ADA).
The rates of most of the coins remain in the green zone, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has gone up by 0.4% over the last day.
On an hourly basis, the cost of ADA could potentially hit a nearby resistance point at around $0.3444. Should the daily closing price veer away significantly from this level, a further drop towards the potential support level of $0.3374 might ensue tomorrow.
Looking at a broader perspective, the overall outlook appears optimistic. If the daily chart manages to surpass the $0.3458 mark and hold its position above it, there seems to be enough momentum to potentially push prices up towards the $0.36 – $0.37 range.
From the midterm point of view, it is too early to make any distant predictions.
In other words, when the weekly price chart’s closing point is significantly away from its high, it’s generally not expected that the trend will continue rising.
ADA is trading at $0.3423 at press time.
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2024-09-10 19:12