Cardano

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cardano-reaches-critical-weekly-support-level/" data-wpel-link="internal">Cardano Reaches Critical Weekly Support Level</a><br></p>
<p style="text-align: justify"><strong>Cardano (<a href="https://en.coin-turk.com/cardano-ada-maintains-optimism-despite-recent-challenges/" data-wpel-link="internal">ADA</a>)</strong> price has reached a critical weekly support level where buyers might intervene to prevent further decline. After weeks of steady declines, ADA touched the weekly SMA 50 at $0.433. This level has significantly supported ADA’s price since late October 2023, making ADA’s touch here still important.</p> 
<h2 id="analytical-report-on-ada">Analytical Report on ADA</h2> 
<p style="text-align: justify">Cryptocurrencies closed the previous week with a decline as the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> led by <strong>Bitcoin</strong> fell on Friday following the government’s May employment <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, which showed much higher-than-expected job gains of 272,000. At the time of writing, ADA rose by 0.54% in the last 24 hours to $0.439. This was slightly higher than the previous day’s low of $0.432.</p> 
<p style="text-align: justify">The current price action indicates that ADA is on significant support held by a substantial number of addresses holding approximately 3.47 billion <strong>tokens</strong>. According to IntoTheBlock data, 3.47 billion ADA were purchased by 350,940 addresses in the range of $0.371 to $0.431 at an average price of $0.3944. If ADA manages to stay above this support level, including the weekly SMA 50 support, and gains upward momentum, it could signal the beginning of a new bullish trend. So, what’s next for ADA’s price?</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-360656 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/ada.jpg" alt="" width="1537" height="441"></p> 
<h2 id="price-prediction-for-ada">Price Prediction for ADA</h2> 
<p style="text-align: justify">Cardano is currently trading in a symmetrical triangle formation, indicating a battle between bulls and bears. Investors managed to push ADA’s price above the daily SMA 50 at $0.461 on June 7. ADA briefly reached peaks of $0.49 before encountering resistance and starting to decline.</p> 
<p style="text-align: justify">ADA is now trying to recover from a four-day losing streak. It is still unknown how far the bulls will take the recent price recovery. If buyers surpass the $0.49 barrier, ADA could rise to $0.62. There is slight resistance at $0.57, but it is expected to be overcome. Conversely, if <strong>Cardano</strong> falls below the daily SMA 50 at $0.461, it could mean that bulls have taken profits and ADA’s price might remain trapped within the triangle for a while longer.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cardano-reaches-critical-weekly-support-level/" data-wpel-link="internal">Cardano Reaches Critical Weekly Support Level</a></h5>

Cardano Reaches Critical Weekly Support Level

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