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Price movement in the Cardano daily market has been slipping downwards in a descending price channel. Although the session has seen some upside retracement, price activity remains vulnerable.
ADA Statistics:
Current Cardano Price: $0.3234
ADA Market Cap: $11,642,292,736
ADA Circulating Supply: 37,170,426,658
Total Supply of Cardano: 45,000,000,000
Cardano CoinMarketCap Rank: 11
Generally, price activity in the Cardano daily market continues to slip downwards within the price channel on the daily chart. The downward correction has persisted for a long time, and attempts to break the trend have repeatedly failed.
The current session has seen prices increase by over 6%, but price action remains below most of the Guppy Multiple Moving Average (GMMA) lines. Additionally, the Stochastic Relative Strength Index (Stochastic RSI) lines are in the oversold region but show a slight upward trajectory.
The ADA Market May Present Short-term Gains
Price activity in the ADA 4-hour market shows movement crossing above the green set of GMMA indicator lines. Similarly, the upward trajectory of the Stochastic RSI lines appears more convincing, which supports speculation that prices may rise toward the next technical resistance level.
However, price action still faces resistance from the red set of GMMA lines, and breaking through them could strengthen upside momentum. Nevertheless, this would require more traders to use bullish crypto signals targeting the $0.3450 price level.
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