Cardano is there
According to Coindesk Research’s technical analysis model, Token is still working to maintain upward momentum, despite signs of support of $0.60 despite signs of support.
Earlier price action suggests a bullish reversal pattern, including potential triple bottom formation, but the failure to hold $0.60 is focused on the ongoing weakness in the market.
What’s noticeable is the 30% increase in the 24-hour volume growth, a sign of increased market participation. Although short-term price action remains bearish, the increase in activity and the decline in exchange for Netfrows may indicate that ADA holders are turning to long-term storage.
With over 2,000 decentralized applications and 10.8 million local tokens deployed on the Cardano network, some traders are positioning a potential rebound if the market stabilizes.
Technical analysis highlight
- The ADA trades between $0.589 and $0.612 in 24 hours, with a range of 3.9%.
- After testing support was $0.590, the purchase pressure price pushed the price to $0.609, which was subsequently merged between $0.597 and $0.603.
- The final hour candle closed at $0.5965, confirming a break below $0.60 without rebounding immediately.
- The high and low upward structure was destroyed, weakening the bullish momentum.
- Although short-term sentiment remains fragile, a peak of 30% in 24-hour trading volume indicates an increase in participation.
Disclaimer: Part of this article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information, see Coindesk’s complete AI policy.
