Cardano started the year with a downside momentum. The first half of the second day consisted of pullback pressure. However, the coin started improving during the second half. The closing spotted a tremendous hike.
The current market scenario is likely to invite bearish trend. The end of the day might be bearing the loss. However, the chances of ADA price improvement are still intact. The first quarter is anticipated to help Cardano in recovering the previous loss.
Cardano Price Analysis
Yesterday, Cardano started the day at $0.0333. The price slipped to $0.0328 by 1.33%. The currency traded to $0.0332 by 1.40% hike. The ADA coin locked itself at the level for some time. The price slipped to $0.0321 from $0.0331 by 2.97% fall. The closing hour brought the Cardano price to $0.0327 by a 1.67% hike. The intraday movement in Cardano reflected 2.01% regression in the price. Today, Cardano coin started with a downtrend. The counters moved from $0.0327 to $0.0323 by 1.22%. The coin jumped to $0.0340 by 5.36%. Then, the price slipped to $0.0334 by 1.37%. After that, the coin jumped to $0.0339 by 1.31%. The currency dropped to $0.0334 by 1.21%. The price escalated to $0.0340 by 1.75%.
Cardano has breached the immediate resistance level at $0.0333 and the next resistance level at $0.0339. The coin might violate the major resistance level at $0.0344 by the end of the day. If the price movement reverses, then ADA coin would find immediate support level at $0.0322.
|Resistance Level||Price||Support Level||Price|
|R1||$ 0.033356||S1||$ 0.032297|
|R2||$ 0.033961||S2||$ 0.031843|
|R3||$ 0.034415||S3||$ 0.031238|
The interested traders in Cardano are recommended to opt for long-term investment. The short-term period might bear risk; hence, we wouldn’t vote for the same.