Cardano (ADA) is up roughly 9.5% on the week so far, as it continues to move higher in price. This week, it hit a significant level as it approaches $1.35 support, which is the support level that triggers a break-out for the bulls.
Cardano (ADA) is a platform designed by a group of engineers and scientists at the University of London’s School of Pharmacy. It is based on ethereum and should be more scalable than ethereum. The Cardano team has developed a smart contract platform, that should help in the development of decentralized applications. The value of ADA is rising, and it is currently trading at $0.33, up 4% in the last 24 hours.
Cardano is the latest cryptocurrency to take the market by storm, and we’ve been keeping a close tab on its progress. As of this writing, the coin is trading at $0.45, with a circulating supply of 3,382,890,000 ADA and a market cap of $6.59 billion. This places Cardano at 12th place on the list of cryptocurrencies by market cap, which is impressive for a project that launched in 2017.. Read more about cardano price prediction and let us know what you think.Summary of the situation
- The ADA moved sideways last night.
- Support at $1.35 is still in place.
- The market is indecisive about what course to take.
Cardano’s price analysis is bearish, as ADA has fallen in recent days and retested the $1.35 support level. Thus, the market structure remains bearish and we can expect ADA/USD to follow a lower trend in the next 24 hours to form a low.
Overall, the market has been in a declining pattern over the past few weeks, peaking around resistance at $1.90 per ounce. This came after a sharp downward push in the second half of May, when ADA/USD fell 60% and found support at $1.
From there, there was a quick rebound to the $1.80 – $1.90 area, which is a key resistance that clearly needs to be broken before the bulls can regain control of the market.
As we can see, the Cardano exchange rate has recovered in recent weeks from the level reached on June 12, pulling back from the $1.35 per ounce support level first tested. The bulls then tried to regain control, but a new low was reached around $1.60.
This led to a further drop in ADA/USD to $1.35 last week. So the $1.35 level has already been tested twice and we can expect it to be broken today as momentum remains bearish.
After breaking through the $1.35 level, the next support lies around $1.15, implying a potential further loss of around 18-19%.
Gimbal price analysis: Supplement
The price analysis for Cardano is bearish for today, as the market has fallen back to the $1.35 support level over the past 24 hours, which is likely to be broken later today. It is therefore important to keep an eye on the ADA/USD exchange rate.
In anticipation of the continued movement of the Cardano price, check out our guides on the benefits of DeFi, bitcoin costs, and what you can buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Cardano is one of the leading cryptocurrencies out there, and it is continuing its upward trend in the last few days. With the price now around $0.27, this coin looks to be favorable against the Bitcoin and Ethereum. With this rise, the Cardano price analysis presents a chance to capitalize on this bid.. Read more about cardano resistance levels today and let us know what you think.
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