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Cardano (ADA) Price Analysis for March 25

Price Analysis
Fri, 03/25/2022 - 15:41
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Denys Serhiichuk
Are there any prerequisites to see mid-term growth by Cardano (ADA)?
Cardano (ADA) Price Analysis for March 25
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Even though bulls remain more powerful than bears, some cryptocurrencies have returned to the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) is the biggest loser among the top 10 coins. The rate of the altcoin has dropped by 4.24% over the past 24 hours.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the hourly time frame, Cardano (ADA) is coming back to the recently formed local support level at $1.10. If the bears' pressure continues and the rate fixes below it, the decline may continue to $1.085 by the end of the day.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the bigger chart, Cardano (ADA) could not fix above the mark of $1.15 from the first attempt. In this regard, the more likely scenario is a further price drop to the nearest support level at $1.076. Such a scenario is relevant until the end of the upcoming week.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

From the long-term point of view, Cardano (ADA) has run out of power for the further growth as bulls need more time to accumulate energy to keep the bullish trend going. That is why one can expect a slight correction to the zone of $0.90-$1, followed by a bounceback.

ADA is trading at $1.111 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.