Markets, Cardano, AI Market Insights, News The $0.70 level is a key psychological support zone for ADA’s price stability, CoinDesk Research’s technical analysis shows.
Cardano’s native token ADA ADA added 3% in the past 24 hours after Nasdaq said it expanded its crypto benchmark index from five to nine assets, adding ADA alongside XRP XRP, Solana SOL and Stellar XLM.
ADA experienced significant price volatility overnight, establishing a 8.8% trading range between $0.66 and $0.72, according to CoinDesk Research’s technical analysis. It was recently trading at $0.6951.
Trading volumes for ADA have increased 68% over the past 24 hours, suggesting active market participation despite uncertain conditions. Its addition to the Nasdaq index could significantly increase Cardano’s visibility among traditional investors.
Market analysts note the $0.70 level has emerged as a crucial psychological support zone that will likely determine ADA’s short-term trajectory following its earlier bullish momentum.
The CoinDesk 20 Index, which tracks the broader crypto market performance, is up about 4% over the past 24 hours.
Technical Analysis
- ADA exhibited significant volatility over the 24-hour period, establishing a 8.8% trading range between $0.66 and $0.72 before dropping 3.3%.
- The price action formed a clear uptrend from $0.67 to $0.72 with strong volume support at the $0.68 level.
- The recent pullback from $0.72 to $0.69 suggests profit-taking after the rally, with the 0.70 level emerging as a key psychological support zone.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data Read More