Cardano (ADA) Price Prediction for March 17

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Written By Maya Cantina

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Sun, 17/03/2024 – 15:00

Cover image via www.tradingview.com

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The weekend is ending bearish for the market, according to CoinStats.

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ADA chart by CoinStats

ADA/USD

The rate of Cardano (ADA) has declined by 3.87% since yesterday.

Image by TradingView

On the hourly chart, the price of ADA is looking bullish as it is approaching the local resistance level at $0.6829. If buyers can hold the gained initiative, there is a chance of a breakout followed by a move to $0.70 tomorrow.

Image by TradingView

On the bigger time frame, the rate of the altcoin has bounced off the $0.65 area. However, it is too early to think about a further midterm rise as ADA has not accumulated enough energy for that.

In this case, sideways trading in the area of $0.65-$0.70 is the more likely scenario for next week.

Image by TradingView

On the weekly chart, the price of ADA keeps falling after a failed attempt to fix above the $0.08 zone. Thus, the selling volume has increased, which means that bears’ pressure might not be finished yet. Respectively, there is still a chance of a test of $0.60 soon.

ADA is trading at $0.6735 at press time.

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