Cardano nears critical $0.3172 support: Will ADA bulls step in?
The post Cardano nears critical $0.3172 support: Will ADA bulls step in? appeared on BitcoinEthereumNews.com.
contributor Posted: September 7, 2024 Cardano was trading near a critical support level at $0.3172. Metrics signaled a growing market interest. Cardano’s [ADA] price has seen a price dip of 1.47% in the last 24 hours, with a larger decline of 11.04% over the past week. The press time market capitalization stood at $11.7 billion, having dipped by 1.40% according to CoinMarketCap. At press time, trading volume surged by 29.46% to $320.634 million, indicating a spiked market activity amid the price drop. Key support level is still solid At press time, Cardano was trading near a significant support level around $0.3172. This level has held significance in the past, acting as a potential bounce zone. However, ADA is trading below a descending trendline, which may suggest further downward pressure if this support level fails. A break below this support could lead to a bearish continuation, potentially targeting the next support at $0.2774. Source: TradingView Whales on the move Large transactions have surged by 8.56% in the last 24 hours, indicating that large investors are positioning themselves for potential price movement. This surge in whale activity can have a stabilizing effect on the market, particularly if accumulation continues at lower price levels. Source: IntoTheBlock Additionally, the 109.41% spike in number of active addresses suggested that Cardano was gaining significant attention, which could boost speculative interest and trading activity. Source: IntoTheBlock Cardano liquidation risks At press time, there was a notable liquidation pool of around 990k worth of Cardano, highlighting a potential risk of increased sell-offs if prices drop further. Liquidation heatmap data from Coinglass provided a bearish market bias and may act as a bearish magnet to pool the price to the $0.3169 level before a possible bullish movement. Source: Coinglass Technical indicators hinted at a potential market reversal From a…
Filed under: News - @ September 7, 2024 6:01 am