Cardano (ADA) Dips Under $0.4233: Will the Bears Continue to Rule?
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The cryptocurrency market downturn has impacted Cardano (ADA), causing its price to fall below $0.4233. This article examines ADA's steep drop and evaluates if this bearish trend will persist or reverse. Currently, ADA is trading around $0.396, reflecting a 5.45% drop in the last day. Market indicators suggest further potential decline, with key levels to watch including the $0.3389 and $0.2388 support levels. Conversely, a rebound could see ADA returning to or surpassing the $0.4233 level.
Analyzing the 4-hour chart, ADA is bearish, trading below the 100-day SMA and showing potential decline toward the $0.3389 support level, indicated by the RSI falling below 50%. On the 1-day chart, ADA has significantly fallen below the 100-day SMA and $0.4233 support level, maintaining a bearish trajectory toward $0.3389. The RSI indicator's drop toward the oversold zone suggests possible further decline.
Potential scenarios include ADA continuing its bearish trend to test the $0.3389 and $0.2388 support levels, or a rebound at $0.3389 leading to potential gains, with targets at $0.4233 and $0.5229 resistance levels.
Fonte: www.newsbtc.com ↗
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