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Cardano (ADA) Price Analysis for March 24

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Fri, 24/03/2023 - 19:00
Cardano (ADA) Price Analysis for March 24
Cover image via www.tradingview.com

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The rates of some coins are rising, while the prices of others have returned to the red zone.

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ADA/USD

Cardano (ADA) has not followed the bounce back of Bitcoin (BTC), going down by 2.15%.

ADA/USD chart by TradingView

On the local chart, the rate of Cardano (ADA) has set the support level at $0.3565. If buyers can hold the price above this mark, one can expect a correction to the resistance at $0.3635. Such a scenario is relevant until tomorrow.

ADA/USD chart by TradingView

Despite today's fall, bears have not seized the initiative yet as the rate is still above the $0.3489 mark.

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As none of the sides is ready for a sharp move, sideways trading in the area of $0.36-$0.37 is the more likely scenario until the end of the week.

ADA/USD chart by TradingView

On the bigger time frame, the rate of Cardano (ADA) has made a false breakout of the nearest resistance at $0.3677. If the bar closes below that mark, the correction may continue to the $0.35 zone.

ADA is trading at $0.3602 at press time.

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