The current analysis of the cryptocurrency market indicates that Cardano (ADA) is under pressure despite the rest of the crypto industry trying to remain in positive territory. Let's take a look at recent price changes and future predictions.
Current Price of Cardano (ADA)
As of the time of writing, the price of Cardano (ADA) has fallen by 1.08% over the last 24 hours and stands at $0.8202. On the hourly chart, the rate has fixed below the local support level of $0.8221.
Short-term Predictions
If the daily bar closes far from this mark and without a long wick, traders may witness a further decline to the $0.81-$0.8150 range soon. Should bulls lose the $0.821 mark, the accumulated energy might be enough for a test of the $0.75 area, relevant until the end of next week.
Overall Market and Local Trends
From a midterm perspective, there are no reversal signals yet. Focus should be on the interim area of $0.80. If the weekly bar closes below it, the decline may continue to the $0.70 range.
According to the current analysis, Cardano (ADA) faces risks of further price decline if it fails to hold key support levels. Investors and traders should be cautious of market changes.
