The cryptocurrency market shows mixed signals, with Cardano (ADA) experiencing a slight dip according to CoinStats. While the overall market attempts to remain positive, ADA is facing some downward pressure. Analysis reveals the price has fallen by 1.08% over the last 24 hours, as per data from U.Today’s report. Let’s delve into the potential future of Cardano’s price using a breakdown of key insights:
* **Hourly Chart:** The hourly chart displays ADA’s price dropping below its local support level of $0.8221. If this trend continues without significant spikes, traders may anticipate further decline to the range of $0.81-$0.8150.
* **Daily Bar & Sellers Dominance:** On a larger timescale, sellers are outperforming buyers, indicating that the current price movement favors the selling side.
If bulls fail to hold the crucial $0.821 mark, accumulated bearish pressure might lead to a test of the $0.75 zone. This scenario remains possible until the end of next week.
* **Mid-Term Perspective:** Currently, no reversal signals are evident. Traders should focus on the interim support area around $0.80. If the weekly bar closes below this level, further decline to the $0.70 range could be expected.
ADA is currently trading at $0.8202 as per press time.
**Read the original article on U.Today.**