ADAUSD Price Analysis – July 6
Although the market doesn’t seem to be in favor of the crypto at present, Cardano may see a correction in the near term as positive news will propel its price consolidation with the community support for ADA.
Supply Level: $0.040643, $0.056812, $0.064267
Demand Level : $0.105322, $0.098158, $0.090765
ADAUSD Long term Trend: Bearish
Moving lower for the 2nd day in a row, ADAUSD ended the week on a -5.56% lower on the level at $0.0765 after losing about -1.03% earlier and closing below Thursday’s low on the level at $0.0773, the market confirmed its breakout through the prior day’s low after trading up to the level at $0.07323 below intraday.
The volatility is also lower, being below the markets average trading range and the longer-term volatility is currently slightly higher than unusual for ADAUSD.
ADAUSD Short term Trend: Bearish
Although still in a long term uptrend, on the short time frame of the 4-hour chart, the short and medium trends both turned bearish already otherwise a breakout is expected.
Fridays trading range has been about 3.17% and that’s far below the last trading average of about $0.0066, the last time this happened ADAUSD lost about -2.89% on the following trading day.
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