- If ADA closes below the blue support zone with 2-hour candles, it could extend its upward movement to the $0.261 and $0.266 levels.
- A close below the blue support could lead to a drop towards the $0.2549 – $0.2471 range.
- If ADA’s price closes below $0.254, this decline could extend to the $0.2510 – $0.249 support range.
Cardano’s price chart exhibits upward or downward trends depending on whether it closes below the blue support zone with 2-hour candles or not. These support levels and closures provide essential signals for investors.
MEDIUM-TERM CARDANO PRICE ANALYSIS
When we examine Cardano’s 12-hour technical chart, it is observed that it has experienced a decline starting from the $0.2684 level. Unless ADA coin can surpass the $0.2684 resistance, it may undergo a downward movement towards the support range of $0.2539 – $0.2471. If an upward movement is initiated from this support range, the initial target would be $0.268, followed by the $0.287 level.
However, if ADA coin retraces to the $0.2539 – $0.2471 support range and initiates an upward movement from there, the $0.247 level can be used as a stop level based on daily closings. But if it closes below the $0.247 level on a daily basis, it could extend the downward trend to $0.2399 levels.
It’s important to continue monitoring the price action of Cardano and closely follow the mentioned support and resistance levels.
SHORT-TERM ADA PRICE ANALYSIS
The Cardano (ADA) price chart is currently showing a sideways movement within a interim support zone. However, if ADA coin records 2-hour candlestick closures below the blue support zone, it could potentially extend its upward momentum towards the levels of $0.261 and then $0.266.
On the other hand, if Cardano (ADA) drops below the blue support zone with 2-hour candlestick closures, it may deepen the downtrend towards the gray support levels mentioned in the analysis, around $0.2549. If ADA’s price closes below $0.2549 for 2 hours, it could expand its decline to the support range between $0.2510 and $0.249.
Coinotag analysts emphasize the importance of waiting for confirmation signals for long positions if the Cardano price experiences a drop towards the $0.2510 – $0.249 support range. Additionally, they recommend implementing a stop-loss strategy if there are 2-hour candlestick closures below the $0.254 level.
