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Cardano (ADA) Price Prediction for March 22
As we approach March 22, the crypto landscape has been experiencing a significant price drop, leaving many wondering what’s next in store for ADA. In our previous analysis, we outlined a few potential scenarios based on technical and fundamental analysis. As the market remains unchanged, it is essential to update our predictions considering the current conditions.
The current price of ADA sits at approximately $0.70, having experienced a decline of 1.2% over the past 24 hours. Notably, trading volume has dropped by an astonishing 25%, suggesting that investors and traders are becoming increasingly risk-averse.
Cardano’s (ADA) Technical Analysis
Using CoinPedia’s proprietary technical analysis tools and on-chain metrics, we have discovered a symmetrical triangle pattern forming on the four-hour time frame. This development indicates a potential upside momentum in ADA.
Our data suggests that if the asset holds above the $0.70 level, there is a strong possibility it could climb by 4% to reach $0.74 within the next few days. Conversely, if ADA fails to maintain its support at this level and breaches the triangle pattern, we may see an 8% price drop to approximately $0.64.
On-chain data from Coinglass suggests that there are significant liquidation levels near $0.691 on the lower side and $0.723 on the upper side. As the majority of traders remain long, it is crucial to stay cautious while trading ADA.
Based on these insights, we can provide the following predictions for Cardano (ADA) by March 22:
* If ADA sustains its position above $0.70, there may be a surge to $0.74.
* In contrast, if the market sentiment shifts and the price drops to $0.691, nearly $14.15 million in long positions will face liquidation.
To stay ahead of the market trends and ensure you are well-equipped with the most up-to-date information, CoinPedia is here for you!
Source: https://coinpedia.org/price-analysis/cardano-ada-price-prediction-for-march-22/
