Cardano (ADA) is trading at approximately $0.70, reflecting a 5.16% decline over the past 24 hours. Despite the recent dip, ADA remains in a volatile range, with key technical levels dictating its potential short-term movements. Below is an in-depth analysis of ADA’s price action across different timeframes.
Over the past week, ADA has fluctuated between $0.69 and $0.77. The Bollinger Bands indicate increasing volatility, suggesting a potential breakout. Holding above $0.70 is crucial for sustaining bullish momentum, while a break below this level could push ADA into a bearish phase.
On the daily chart, ADA has gained 6.60% over the past week, showing signs of a bullish trend. If ADA surpasses $0.7531, the next upside targets would be $0.80 to $0.85. However, failing to maintain support at $0.7226 could lead to a retest of lower levels.
On the 4-hour timeframe, ADA is holding the $0.70 support level. The TD Sequential Indicator has flashed a buy signal, hinting at a potential short-term bullish reversal. A decisive move above $0.73 could confirm strength and trigger further gains.
On the monthly scale, ADA’s long-term range remains $0.31 to $1.23. A move above $1.17 would confirm a long-term uptrend, while a breakdown below $0.5706 may lead to prolonged bearish action.
Given current momentum, ADA is likely to test $0.75 over the weekend. If bullish pressure intensifies, it could touch $0.78 to $0.80. However, if selling pressure persists, ADA may revisit $0.68 to $0.65 before finding support. Traders should monitor $0.70 closely, as losing this level could trigger a deeper correction.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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