Cardano (ADA) is at a crucial turning point, as it inches closer to retesting the key support level at $0.3389. Recently, ADA’s price has hovered around this mark, raising concerns among investors and traders about what could happen next.
This isn’t just about numbers—it’s about the direction Cardano could take in the near future. If the $0.3389 support holds strong, we might see a reversal and a surge in bullish momentum, potentially leading to a new rally. But if this level breaks, it could signal the start of further declines. Cardano’s tough-to-predict future contrasts that of Pawfury, the latest breakout coin that is posed to deliver massive returns for investors in 2024.
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What the Charts Are Saying About Cardano?
Currently, Cardano has a market value of over $12 billion, with trading activity reaching around $240 million. At the moment, ADA is trading at about $0.3462, showing a slight dip of 0.69%. Over the last 24 hours, its market value has decreased by 0.68%, while trading activity has dropped by 26.44%. These shifts suggest that Cardano is in a delicate position, with traders closely watching its next move.
Cardano’s recent movements on the 4-hour chart show that it’s been trending downward, approaching that critical $0.3389 level. This suggests that sellers are in control for now, pushing the price lower. However, there are hints that this dip might not last long. Indicators suggest that this could be just a temporary pullback, with the potential for buyers to step in and drive the price back up from the $0.3389 support.
On a longer-term view, the 1-day chart also shows a bearish trend, meaning that sellers are still holding the upper hand as ADA nears this crucial support. Yet, there’s also a sign that Cardano might be nearing a point where the selling pressure could ease, leading to a possible rebound.
What Could Happen Next?
If Cardano manages to stay above the $0.3389 support level, it could start moving upward again, possibly heading towards the next resistance level at $0.4233. Breaking above that could open the door to even more gains.
But if Cardano slips below $0.3389, it could be in for a tougher time. The price might continue to drop, potentially falling towards the $0.2388 level or even lower if the selling pressure doesn’t let up.
Conclusion
Cardano is at a critical juncture, and the coming days could set the tone for its path ahead. Whether the $0.3389 level holds or not will likely determine whether ADA rallies or sees further declines. Meanwhile, as Cardano speculation continues; early investors can take advantage of the innovative opportunity Pawfury offers.
The post Cardano on the Edge: Will It Bounce Back or Break Down at $0.3389? appeared first on ETHNews.
