Cardano (ADA) Price Analysis: How Long Will the Drop Last?

Read this article to find out how long Cardano's (ADA) price drop is expected to last and the key support and resistance levels to watch for.

Posted 8 months ago in Market Analysis


Image of Cardano (ADA) price chart showing decline and consolidation

Bulls could withstand the bears' pressure as most of the coins have come back to the red zone. The rate of Cardano (ADA) has declined by 1.75% over the last 24 hours.

On the hourly chart, the price of ADA might have found a local support level of $0.2476. At the moment, one should pay attention to the daily bar closure. If it happens above that mark, buyers can seize the initiative, which might lead to a bounce back to the $0.25 area.

A completely opposite picture can be seen on the daily time frame, as the rate remains in the middle of the narrow channel. Ongoing consolidation in the range of $0.2450-$0.2550 is the more likely scenario until the end of the week.

Bears continue their pressure as the price is near the support level of $0.2380 on the bigger chart. If the weekly candle closes below $0.24, there is a high possibility of seeing a support breakout.

ADA is trading at $0.2481 at press time.

Last updated 9/21/2023, 10:12:54 AM

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