Cardano (ADA) Gearing Up for a Big Move: Key Levels to Watch
Cardano (ADA) is trading at approximately $0.6797, reflecting a slight decline of 1.07% in the last 24 hours. The asset is currently at a key juncture, with short-term and long-term indicators suggesting potential movement in either direction. Traders are closely monitoring key levels to determine ADA’s next momentum shift. Daily Chart Overview On the daily […]
Cardano (ADA) is trading at approximately $0.6797, reflecting a slight decline of 1.07% in the last 24 hours. The asset is currently at a key juncture, with short-term and long-term indicators suggesting potential movement in either direction. Traders are closely monitoring key levels to determine ADA’s next momentum shift.
Daily Chart Overview
On the daily timeframe, ADA faces strong resistance at the $0.73–$0.75 range, aligning with the 200-day EMA. A breakout above this level could indicate a bullish reversal, potentially driving the price toward $0.80 or higher. On the downside, major support lies between $0.68 and $0.70, coinciding with the 200-day SMA. A failure to hold this support could result in a drop toward $0.60.
4-Hour Chart Analysis
The 4-hour chart shows ADA consolidating between $0.70 and $0.73, with low trading volume. A decisive breakout above $0.73 could propel the price toward $0.78–$0.80, while a breakdown below $0.70 may trigger a retest of the $0.68 support zone.
Short-Term Movements
1-Hour Chart: ADA is trading below the 20, 50, and 200-period EMAs, suggesting bearish momentum. However, the RSI is approaching oversold territory, indicating a potential short-term rebound.
15-Minute Chart: ADA is attempting to stabilize around $0.68. The Money Flow Index (MFI) reading of 35 suggests near-oversold conditions, possibly leading to a brief upward correction.
Next Momentum Move
Bullish Scenario: A breakout above $0.73 with strong volume could push ADA toward $0.80–$0.82.
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Bearish Scenario: A failure to hold $0.70 support may lead to a decline toward $0.68, with further downside risk to $0.60 if selling pressure intensifies.
ADA’s price action is poised for a decisive move as the month ends. A breakout above $0.73 could signal bullish momentum, while failure to maintain key support may lead to further downside. Traders should watch volume trends and market sentiment closely to anticipate the next major move.
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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