Cardano (ADA), stands as the 5th largest cryptocurrency in the markets. With a market cap of $9.4 Billion, Cardano has proven that it is here to stay. One of the most trusted names in the cryptocurrency ecosystem, Cardano has lost about 18.5% of its price in the past 24 hours, but those investing in the currency are still hopeful that an uptrend may soon be on its way.
Cardano, which is currently priced in at $0.366 began the day at $0.45 24 hours ago. Since then, the currency has been in a free-fall and has hit a low of $0.366. However, the currency has a strong support at $0.24 mark (which it is expected to fall to over the next 24 hours). However, once it reaches the support, the currency is expected to bounce back as the $0.24-$0.28 mark will be where the market bulls will find an opening.
Looking at Cardano's seven-day record, the cryptocurrency opened the week at a price of $0.45 and a market cap of $11.7 Billion. From there, the price kept falling till it hit a low of $0.27 and a market cap of $7 Billion. While Cardano has gained made some recovery since then, the currency is yet to make a complete recovery as resistance thickens.
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Technical Analysis of Cardano (ADA) | Image: Tradingview[/caption]
A look a the graph above indicates that the $0.25 to $0.28 line is where the bulls have their best opportunity at rushing in and taking control of the markets. For those looking forward to invest into Cardano, that is perhaps going to be the optimum moment, which is likely to follow later this day.
Once Cardano reaches the line of support, the currency is likely to enter a growth rally from where it will bounce back and breach the line of resistance that has formed at the $0.4 mark. However, it is best advised to set multiple targets and multiple stop losses before you trade Cardano!
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