Anticipated Cost Movements of Cardano (ADA) Concerning the Upcoming Week
The digital currency Cardano (ADA) has been experiencing a downtrend since the end of 2024, with lower highs marking its price movement. However, a spike in buy volume was observed in mid-August, indicating a brief period of bullish sentiment.
Despite this spike, the downtrend remains strong for ADA. Sellers appear to be losing interest, as evidenced by the falling volume profile. Only six daily candles have closed in green since the mid-August spike, suggesting a predominantly bearish market.
The price of ADA has found strong support above $0.50, but attempts to reclaim a price tag of $1 have been rejected. Sellers returned and kept the pressure up since then, preventing any significant price increase.
If ADA's price remains below the resistance level of $0.90 and approaches the support level at $0.77, the next expected development is a potential test or slight decline toward that support zone around $0.77. This could lead to consolidation or limited downside risk near this level before any rebound.
In a negative scenario, forecasts suggest that the volatility of ADA's price could be contained between roughly $0.70 and $0.90. On the other hand, neutral to positive scenarios see ADA stabilizing between $1.00 and $1.20 or higher, potentially opening an opportunity for buyers to return.
However, it's important to note that buyers securing the level of $1 is unlikely to lead to a significant rally higher for ADA. As always, investors are advised to conduct their own research and consider their risk appetite before making investment decisions.
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