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Cardano (ADA) Recovers Slightly; $0.3 Mark Critical for Future

The Bottom Line

The cryptocurrency Cardano (ADA) has shown a slight recovery after a decline to an annual low of $0.27 USD. The support at $0.3 USD plays a crucial role for future price development. If this mark holds, two important price targets could be considered. However, the market situation remains tense, and a further decline below the $0.3 USD mark could lead to increased sales.

Key Price Levels for Cardano

After a difficult phase in the price history of ADA, the cryptocurrency showed a recovery of 6% on August 7. Currently, the price is around $0.33 USD. If the recovery continues, two immediate bullish targets should be noted: the first target is a 78.6% Fibonacci level ($0.36 USD), which would correspond to a gain of about 9%. Another target could be a reapproach to the trendline resistance, which could mean a gain of up to 29%. However, current technical indicators such as the RSI (Relative Strength Index) and the CMF (Chaikin Money Flow) indicate continued below-average buying power and capital inflows.

The Importance of the $0.3 USD Mark

A decline below the $0.3 USD mark could trigger increased selling dynamics, as a large portion of ADA holders bought their coins in this price range. Almost 540,000 addresses have purchased ADA between $0.3 USD and $0.22 USD. A break of this support could therefore lead to a massive sale to minimize losses. In the futures market, speculators have reduced their exposure in ADA, suggesting that the market is not overly optimistic.

Our Assessment

Although Cardano is showing a slight recovery, the situation remains tense. The $0.3 USD mark is crucial for the short-term price development of ADA. Should this support hold, we could see a moderate recovery. However, caution is advised as breaking this mark could lead to further losses. Investors should closely monitor market development and adjust their strategy accordingly.

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Sources: Into The Block, Coinglass

Casinos: 28
Profile Cardano
Symbol ADA
Coin type Alt Coin
Transaction Speed High
Pros
  • Significantly more anonymous than Bitcoin, for example
  • Science-based development, secure and stable
Cons
  • Newer cryptocurrency, lack of distribution
  • Development not yet complete
Price $1.06
24h % -4.45 %
7d % -12.00 %
30d % 88.64 %
60d % 195.57 %
1y % 65.79 %
Market Cap $37,983,441,903.00
Max. Supply 45,000,000,000.00
Official Links
Socials Reddit | X | Message Board
Best 3 Cardano casinos

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Last update: 30. September 2024

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