- Cardano showed a positive outlook in the chain, however price movement was different.
- Despite the recent rebound, there is still a short-term downward trend.
Cardano [ADA] The 20th march saw a retest of a $0.58 level as if it was merely proving to be able support. It then bounced back higher. This prompted ADA to retest a resistance level of $0.63, which served as support only a few short days before.
AMBCrypto reported Cardano development activities have eclipsed those of Ethereum’s [ETH] In March. Recent data shows that its number of active addresses has also increased, while transaction fees have reached an all-time high. two-year high.
It was hard to get a 4-hour time block.
ADA broke through a three-month range earlier this month (purple). The highs of the 3-month period were $0.68. The price chart of the 4 hour chart at that time showed a $0.63-$0.68 zone as a resistance area. The bulls were unable to hold it when retested a few weeks earlier as support.
Bulls still have hope. The 61.8% Fibonacci level was retested in this breakdown. These levels ($0.586) and ($0.525) were critical support levels. Dropping below $0.447 indicates a downward trend on a 12-hour or daily basis.
Over the last ten days, OBV has been trending downward. The RSI was below neutral fifty since 15th March when ADA went below $0.7. It was a sign that the price would continue to drop.
The closest wallet of cash
AMBCrypto’s analysis showed two distinct regions. The $0.52 to $0.54 area, and the $0.81 to $0.835 region could be crucial for ADA over the long term.
What is the cost? 1, 10, or 100 ADA worth today?
This liquidity pocket was nearer to $0. Bitcoin [BTC] The lower timeframe has not yet been completed.
A drop of $0.52 was therefore expected to be made to collect the liquidity. The drop to $0.52 would represent a good long-term investment opportunity. On the contrary, if ADA moves above $0.7 it may be heading to the $0.83 area. next.
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Source: ambcrypto.com