Despite significant price drops across the cryptocurrency market, Cardano (ADA) has remained steady above the critical $0.74 support level. Furthermore, ADA’s four-hour chart seems to be following a bullish trend similar to XRP’s.
Current Price Momentum
Presently, ADA is trading around $0.77, experiencing a 3.25% decrease in the last 24 hours. However, its trading volume has surged by 45% during the same period, indicating increased involvement from traders and investors.
Cardano (ADA) Bullish and Bearish Levels
Despite market fluctuations, the $0.74 level will play a crucial role today. Based on recent price momentum, this level will determine whether ADA will decline or gain upward momentum.
On a positive note, if ADA maintains this level, there is a strong possibility of a 10% increase to reach $0.85 in the upcoming hours. Additionally, if the bullish trend continues, it could potentially rise by another 20% to reach $1.01 in the coming days.
Conversely, if ADA fails to hold the $0.74 level and closes a four-hour candle below it, there is a high chance of a 10% decline to $0.65.
Aside from this narrow price range, expert technical analysis indicates that ADA has been forming an ascending triangle pattern, akin to XRP, on the four-hour timeframe.
$1.45 Million Worth of ADA Inflow
Considering the recent price momentum and Bybit’s $1.4 million crypto hack, investors and long-term holders have been liquidating their holdings, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow indicates that exchanges have witnessed an inflow of $1.45 million worth of ADA tokens in the last 24 hours, suggesting a potential sell-off.
In a bearish market sentiment, even a minor inflow or sell-off can impact overall sentiment, increasing selling pressure and leading to further price declines.
