Cardano (ADA) Price Analysis for March 3
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.
Bears are keeping the pressure on as all of the top 10 coins are in the red zone.
ADA/USD
The rate of Cardano (ADA) has dropped by 3.11% over the last 24 hours.
Despite a sharp drop today, the rate of Cardano (ADA) might have found the local support level at $0.3355. Until the price is above it, buyers have a chance to bounce back. Furthermore, closure near the formed resistance at $0.3395 can create a blast to the $0.3440 zone.
On the daily time frame, the rate of Cardano (ADA) has made a false breakout of the support at $0.3237 against the increased volume. However, it is too early to think about a reversal.
In this case, the more likely scenario is sideways trading in the range of $0.33-$0.35 until mid-March.
A similar situation can be seen on the weekly chart. At the moment, one should pay attention to the bar’s closure. If it happens near the $0.3237 support level, the drop may continue to the crucial zone of $0.30 and below.
ADA is trading at $0.3383 at press time.
