Cardano (ADA), a prominent proof-of-stake blockchain, finds itself under renewed selling pressure as July draws to a close. Despite intermittent attempts by market bulls to reverse the trend, ADA’s price has continued its descent, raising questions about its immediate trajectory and potential for further declines. As of July 31, ADA is navigating crucial support levels, with traders closely monitoring key indicators for signs of stabilization or deeper corrections.
The digital asset has seen its value dip by 2,43% over the past 24 hours, currently trading at $0,7578. This decline places ADA firmly in the ‘red zone,’ echoing the broader cautious sentiment across the cryptocurrency landscape.
On the hourly chart, ADA’s price has firmly established itself below the $0,7622 support threshold. Should this trend persist through the close of today’s trading session, market participants could anticipate a potential retest of the $0,75 mark. This immediate level represents a psychological and technical battleground for short-term traders.
Extending our view to longer time frames, Cardano’s price appears to be heading toward a more significant support at $0,7212. A decisive daily candle close below this particular level could signal a substantial accumulation of bearish energy, potentially paving the way for a further decline into the $0,70 zone. This would represent a critical test for ADA’s medium-term stability.
Source: coingecko
From a midterm perspective, ADA’s current valuation remains considerably distant from its historical key resistance levels, suggesting that any sustained upward momentum would require a significant shift in market dynamics. Investors and traders are advised to pay close attention to the daily candle’s closing position relative to the previous day’s low, particularly if it settles below $0,76. Such a move would reinforce the bearish outlook and could trigger a swift retest of the $0,70 territory in the near future. The coming days will be pivotal in determining whether Cardano can find a stable footing or if it will extend its current downward trajectory.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
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