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After Bouncing Back From a 6-Weeks Low, Cardano’s Price Falls Deeper

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Should I invest in Cardano
Should I invest in Cardano

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The top cryptocurrency measured by market capitalization, Bitcoin (BTC), had a significant rebound during the last twenty-four hours after falling to a low of $19.2k before the time this article was written.

Immediately after this drop, its price began to recover, and shortly thereafter it moved higher by 10%, reaching a high of $20.8k in trading. Despite this, the bounce didn’t last long since sellers were ready to seize on the opportunity.

As a result, another cryptocurrency that had a price increase during this period is Cardano (ADA), which saw its price increase from the lows of its six-week range to $0.44.

The beginning of the weekend coincided with what appeared to be the beginning of a downward trend for the alternative currency.

The specified ADA range had a minimum value of $0.44, a maximum value of $0.64, and a value that fell somewhere in the middle of the range at around $0.54.

During the previous month, there was significant demand in the region ranging from $0.42 to $0.44.

Bright Days Ahead for ADA

When viewed on a daily basis, the chart for ADA/USDT means that the cost of ADA is now in the demand zone. At the time of this writing, the price of ADA is about $0.4448. If past patterns are any indication, bulls might make a move to their advantage at this level.

On the other side, a bearish declining triangle has developed on the daily chart, and the price of ADA is at a pivotal position as it is near the tip of the graph. This might indicate that ADA is about to make a significant move.

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If the price of ADA is unable to close at a level that places it over the upper limit of the chart pattern, then the price of ADA may continue to decline. On the other hand, if it is able to close higher than this level, then the bearish thesis cannot be sustained.

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