Story Highlights

• Cardano’s (ADA) $0.74 level is a strong support level, acting as a make-or-break point.
• If ADA holds $0.74, it could rise by 10% to reach $0.85, the next resistance level.
• Conversely, if ADA drops below $0.74, it could fall by 10% to the next support level of $0.65.

Despite notable price declines across the cryptocurrency market, Cardano (ADA) has maintained its position above the crucial $0.74 support level. Additionally, ADA’s four-hour chart seems to mirror XRP’s, exhibiting bullish tendencies.

Current Price Momentum

Currently, ADA is trading at approximately $0.77, reflecting a 3.25% decrease in the last 24 hours. However, during the same timeframe, trading volume surged by 45%, indicating increased participation from traders and investors.

Cardano (ADA) Bullish and Bearish Levels

The $0.74 level is critical today amid market volatility. Based on recent price movements, this level will be instrumental in determining ADA’s future trajectory.

On a bullish note, if ADA maintains this support level, there is a strong chance it could climb 10% to reach $0.85 shortly. Should the bullish trend persist, a further increase to $1.01 may occur in the coming days.

On the bearish front, if ADA fails to hold the $0.74 level and closes a four-hour candle below it, there is a high likelihood of a 10% drop to $0.65.

Additionally, technical analysis indicates that ADA has been forming an ascending triangle pattern, akin to XRP’s pattern on the four-hour timeframe.

$1.45 Million Worth of ADA Inflow

Recent price trends, coupled with Bybit’s $1.4 million crypto hack, have led investors and long-term holders to cash out their positions, as noted by the on-chain analytics firm Coinglass. Data concerning spot inflow/outflow indicates that exchanges have experienced an inflow of $1.45 million worth of ADA tokens in the past 24 hours, suggesting a potential sell-off.

In a bearish market environment, even minor inflows or sell-offs can significantly influence overall sentiment, heightening selling pressure and potentially causing additional price declines.