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Cardano (ADA) Price Prediction For March 8
The cryptocurrency market is known for its unpredictability, and the recent bearish sentiment has only added to the uncertainty. Amidst this turmoil, I’m here to provide a price prediction for Cardano (ADA), one of the top cryptocurrencies included in the Crypto Strategic Reserve.
At the time of writing, ADA’s current price is hovering around $0.827, having dropped by 5% over the past 24 hours. The asset’s trading volume has also decreased by 10% during this period, indicating reduced participation from traders and investors compared to the previous day.
Despite these unfavorable market conditions, technical analysis suggests that the $0.81 level is a crucial support zone with significant buying pressure. If ADA’s price manages to hold onto this level, there is a possibility of a rebound and a surge up to $1.15 in the future.
On the other hand, if the current sentiment persists and the price falls below $0.81, there is a strong possibility of an 18% decline to $0.68. It’s essential for investors to take note that these levels are crucial for ADA’s short-term price movement.
Furthermore, according to on-chain analytics firm Coinglass, traders are currently over-leveraged at $0.804 on the lower side and $0.84 on the upper side. These levels hold significant long positions of $9.11 million and short positions of $5.45 million respectively. This suggests that bulls are strong and may support the asset in holding this level.
In conclusion, it’s essential to monitor ADA’s price movement closely as it approaches the critical $0.81 level. Any breakdown below this point could lead to a significant decline, whereas a bounce off this zone could spark a rebound towards $1.15.
Source: https://coinpedia.org/price-analysis/cardano-ada-price-prediction-for-march-8/
