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Cardano (ADA) Price Prediction for February 22
As we enter the trading day of February 22, Cardano’s (ADA) market dynamics are under scrutiny as investors and traders await direction. Our analysis suggests that ADA’s current price action is critically dependent on the $0.74 support level.
Currently, ADA is trading at around $0.77, reflecting a decline of approximately 3.25% in the past 24 hours. Notably, its trading volume has surged by 45% during this period, indicating heightened participation from traders and investors.
In an attempt to gauge ADA’s potential price movement, let us delve into the current market situation and explore possible scenarios.
Based on recent chart analysis, it becomes apparent that the $0.74 level serves as a make-or-break point. If ADA manages to hold above this crucial support, we could potentially witness a 10% surge, culminating in a new resistance level of approximately $0.85.
On the flip side, if ADA fails to uphold its position and closes below the $0.74 mark, it may precipitate a downward trajectory, resulting in a decline of around 10%, targeting the $0.65 support area.
It’s essential to note that ADA is exhibiting a striking resemblance to XRP’s chart pattern on the four-hour timeframe, which, if replicated, could lead to further bullish momentum.
The recent influx of $1.45 million worth of ADA tokens in spot inflow/outflow data from Coinglass, highlighting an unexpected sell-off, raises concerns about potential selling pressure. As the cryptocurrency market continues to be affected by the Bybit hack and subsequent sell-off, this fresh influx of ADA may exacerbate any downward pressure.
In conclusion, we urge investors and traders to monitor ADA’s price action closely, as today’s performance will likely determine its near-term trajectory.
Source: coinpedia.org
