This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Cardano (ADA) has recently experienced a bearish phase, with a 2.8% decline in the last 24 hours, bringing its trading price to $0.37. However, market analyst Ali Charts offers an optimistic outlook, suggesting that ADA may be preparing for a significant price surge, potentially surpassing its yearly high of $0.4518. Ali highlights a crucial demand zone between $0.37 and $0.38, where there has been substantial buying activity, indicating strong support at these price levels. Maintaining support in this zone could pave the way for ADA to climb to new yearly highs. However, investors are cautioned to remain vigilant, as a failure to maintain support could result in a drop to lower levels, such as $0.34. ADA’s recent price action aligns with the identified support level, and a drop below this level could lead to further decrease. On the other hand, stabilizing or rebounding from this level may set the stage for a climb to new yearly highs. Despite the recent bearish phase, ADA has demonstrated a 29% increase over the past month and maintains a 3.2% gain even in the past two weeks. However, the asset’s daily trading volume has been on a downward trend, standing at $255 million in the past 24 hours, a significant decrease from over $600 million earlier this month.