Cardano's (ADA) recent positive momentum faces a risk as it hovers near the $0.550 zone. After a steady rise beyond the $0.565 resistance against the US Dollar, ADA/USD encountered a hurdle around $0.620. The recent high reached approximately $0.6196, prompting a corrective move.
Cardano (ADA) Price
Cardano's current position below $0.550 suggests cautious optimism. Clearing resistances at $0.550 and $0.565 is crucial for a bullish trend. Key support levels at $0.524 and $0.500 will be closely monitored for potential downside risks.
Cardano experiences a notable surge in ADA trading volume, surpassing 100% in the last 24 hours, with a total turnover exceeding $900 million. Despite a temporary drop in ADA's price, a swift recovery of 6.6% is observed. Current market dynamics, marked by a trading price of $0.495, indicate renewed investor confidence. Market participants closely watch ADA, emphasizing its influential role in the evolving market trends.
SanyaThe weekly RSI is leaning on bearish. The wave count is bearish.
BeincryptoHe is a big believer in the charting system and began predicting ADA's bearish trajectory in early Sep. 2022.
BeincryptoADA's price is above a key technical support level in the days leading up to the major Cardano upgrade.
CointelegraphADA price has seen sharp recoveries during bear markets in the past with many turning out to be bull traps.
CointelegraphA mix of fundamental and technical indicators suggests more pain for Cardano bulls ahead.
CointelegraphThe issue of stablecoins not being stable enough has been mentioned by regulators many times. Regulators worry that the mushrooming of stablecoins, most of which are pegged to the U.S. dollar, may sow the seeds of instability in the overall financial market.
FtftxThe week-long daily lower high pattern suggests bulls will not be able to flip $43,000 as support, which could drag down many altcoins that just bounced back.
CointelegraphAltcoins are selling off ahead of the launch of a bitcoin ETF this week, a possible sign that traders are concerned about the historic launch.
CointelegraphCharles Hoskinson’s blockchain is once again one of the most active networks by transaction volume, second only to Bitcoin, but that hasn’t helped ADA’s price.
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