In recent days, the cryptocurrency market has not shown positive dynamics, and Cardano (ADA) is also experiencing price declines.
Current Price Dynamics of ADA
As of now, the price of Cardano (ADA) has decreased by nearly 4% over the last 24 hours. Currently, ADA is trading at $0.7463.
Support and Resistance
On the hourly chart, the price of ADA is heading towards local support at $0.7353. If the decline continues, a test of the $0.73 range can be expected by tomorrow. On the larger time frame, it's anticipated that if a breakout of the $0.7445 level occurs, traders may witness a test of the $0.70-$0.72 zone by the end of the week.
Outlook for the Coming Week
From a mid-term point of view, the price of ADA is declining following a false breakout of the resistance at $0.8466. If bulls do not seize the initiative shortly, there is a chance of testing the $0.70 mark in the upcoming week.
The declining prices of Cardano (ADA) highlight the vulnerability of the cryptocurrency market as a whole. Traders should closely monitor further price movements and potential support levels.
