CandleFocus Cardano Price Faces Uncertainty, Here’s What’s Likely to Follow
2024-10-18
Author: Content Editor
The price of Cardano (ADA) has been struggling to gain bullish momentum and break free from its consolidation range, leading to uncertainty about its future trajectory. The correlation between ADA and Bitcoin has dropped sharply, indicating that ADA may not experience the same level of growth as Bitcoin. Additionally, ADA holders are currently experiencing losses, leading to a lack of selling pressure but also limited buying activity. The price of ADA has been stuck in a range between $0.37 and $0.33 since October, and this consolidation is expected to continue unless there are fresh capital inflows or a change in sentiment. It is difficult to predict a clear path forward for ADA due to the mixed signals from macro indicators. A bounce off the $0.33 support level is likely, but a breach of the $0.37 resistance remains uncertain. A breakout above $0.37 could push the price toward $0.40, while a fall below $0.33 could lead to a drawdown to $0.31.
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