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FxCryptoNews

03/13/2024

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Cardano (ADA) Price Analysis for March 13

Despite prevailing bullish sentiment, certain cryptocurrencies are experiencing declines today, as reported by CoinMarketCap. Top coins by CoinMarketCap ADA/USD Performance A marginal increase of 0.23%...

Cardano (ADA) Price Analysis for March 13

Despite prevailing bullish sentiment, certain cryptocurrencies are experiencing declines today, as reported by CoinMarketCap.

Top coins by CoinMarketCap

ADA/USD Performance

A marginal increase of 0.23% characterizes the movement of Cardano’s price over the past 24 hours.

Image by TradingView

The current trajectory of ADA suggests a bearish trend, with the coin hovering around the local support level of $0.7476. If the daily closing occurs near or below this level, a further decline to $0.73 could be anticipated by tomorrow.

Longer Time Frame Analysis:

On a larger time frame, the situation remains ambiguous, with the price of ADA positioned distant from significant support and resistance thresholds.

Image by TradingView

As neither bulls nor bears have decisively seized control, sideways trading within the $0.73-$0.76 range appears probable until the week’s conclusion.

Midterm Outlook

ADA’s recent rebound from the $0.7638 mark indicates a potential need for the coin to accumulate momentum for future movements. Consequently, traders may anticipate a period of consolidation around the $0.75 region.

Image by TradingView

Cardano’s current performance suggests a cautious outlook, with short-term movements indicating a bearish tendency, while broader time frames imply a period of uncertainty.

Traders should monitor developments closely to discern clearer trends in the coming days. At the moment of writing, ADA is being exchanged at $0.7469.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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ORIGINAL SOURCE

https://www.fxcryptonews.com/cardano-ada...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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