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05/14/2024

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Cardano Could Lose Its Spot In The Top Ten Ranks. - CMN | Latest Cryptocurrency News Today | Live Crypto Price

Cardano is testing its prior resistance level. Any additional decline could force ADA to lose its position in the top ten cryptocurrency rankings around the globe. Cardano’s current market capitalization is...

Cardano Could Lose Its Spot In The Top Ten Ranks. - CMN | Latest Cryptocurrency News Today | Live Crypto Price

Cardano is testing its prior resistance level. Any additional decline could force ADA to lose its position in the top ten cryptocurrency rankings around the globe. Cardano’s current market capitalization is $15.9 billion, up 1.77% as of the writing of this article. The 24-hour trade volume has increased by 45.11 percent. However, the focus is on the token value, which is still testing the $0.44 resistance level.

As of press time, ADA was trading at $0.4464. This represents a 1.78% increase in the last 24 hours, but a decrease of 4.56% in the previous 7 days and 11.70% in the previous 30 days. The next support level is $0.4353; a drop below that level could signal the start of a downward trend. Cardano has recovered a few times from the current resistance feeling, but the risks of reaching a new bottom persist.

The MVRV ratio has declined in the last 7 days, as have whale activity levels. Activity movements are decreasing, possibly because the token adds an overpriced margin to the chart. This is evidenced by the elevated NVT ratio. If this is correct, another fall is on the horizon, triggering a bearish atmosphere. ADA is expected to plummet in the following days.

Both the Relative Strength Index and Chaikin Money Flow are lower. The Money Flow Index has begun to fall, raising the probability that the token will finally go below the resistance margin. Bulls are counting on the MACD Indicator, which suggests a potential bull run.

Within 7 days, the majority of trades have been tinted red. When the time frame is extended to 30 days, the picture becomes less hopeful. According to Cardano’s prognosis, ADA is well-positioned to fall below the permissible margin, based on the bulk of indicators. It continues to trade over $0.44, up 2.09% in the last 24 hours.

The cryptosphere is experiencing significant expansion in terms of market capitalization and 24-hour trade activity. BTC is aiming to exit the consolidation phase, which might happen at any time, given that the Halving event will be completed in 30 days by the end of this week. The market is projected to be highly volatile during the next 2-3 months.

BTC is at $62,844.72, up 3.21% over the last 24 hours. It has traded between $61,000 and $64,000 over the last 7-10 days. There have been several falls on the books that will eventually make a comeback.

Cardano is aiming to approach $0.51 by deviating from the current resistance trend. MACD has hinted at the better side of ADA.

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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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