Cardano （ADA） shows resilience with a recent price increase, but technical analysis suggests potential declines in the near term.
Points
- ADAUSD rose by 1.84% over the past day.
- Local resistance at $0.3730 could lead to a decline.
- Larger time frames suggest a possible drop to $0.34.
- Weekly chart indicates bearish trend towards $0.3165 support.
- ADA trading at $0.3658 at press time.
Despite the downward trend affecting most cryptocurrencies, Cardano （ADA） has managed to rise by 1.84% in the past day, standing out as a positive performer. However, technical analysis indicates that this increase might be temporary, with potential declines on the horizon.
Short-Term Analysis
On the hourly chart, ADA has encountered a local resistance level at $0.3730. Should the price continue to decline, it might test the $0.36 zone soon. This level serves as a critical support area that could determine ADA’s immediate direction.
Mid-Term Outlook
Looking at a broader time frame, attention should be given to the closure of yesterday’s candle. If it closes near the current low, this could signal a further decline towards the $0.34 area. This scenario remains plausible until the end of next week, suggesting that investors should be cautious.
Long-Term Perspective
The weekly chart paints a bearish picture for ADA. If the current weekly candle closes around the present prices, a test of the nearest support level at $0.3165 is likely. This indicates ongoing bearish momentum, which could lead to additional declines in the upcoming weeks.
Conclusion
Currently trading at $0.3658, ADA’s short-term performance shows resilience, but technical indicators point to potential declines. Investors should monitor key support levels and be prepared for possible downward movements.
解説
- The recent price increase in ADAUSD might be short-lived, with resistance at $0.3730 suggesting potential declines.
- Larger time frames indicate ongoing bearish trends, with significant support levels at $0.34 and $0.316