Cardano (ADA) & Polkadot (DOT) Price Analysis: Key Levels
coinedition.com 01 August 2024 18:47, UTC Cardano (ADA) and Polkadot (DOT) prices have recently experienced notable declines. Both assets are currently under scrutiny as investors and experts assess their future viability.
Cardano (ADA) Price Analysis
Currently, Cardano (ADA) is trading at $0.3862, down 3.80% in the 24-hours. This decline is part of a broader downward trend observed in recent trading sessions. The highest price point on the chart is approximately $0.4015, serving as a key resistance level, while the lowest point is around $0.375, indicating a potential support level.
ADA’s primary support is around $0.375, which is the lowest point on the chart. This level could see increased buying activity as traders attempt to prevent further price declines. Secondary support is identified at approximately $0.38, where the price has shown some stability and bounce-back potential.
On the resistance side, the primary resistance is around $0.4015, the highest point on the chart, where selling pressure has previously emerged. Secondary resistance lies at $0.395, a level that has also witnessed selling activity before reaching the primary resistance.
The 24-hour trading volume for Cardano is $297,830,746, indicating a 3.42% increase. This suggests significant trading activity despite the price decline. The 7-day Relative Strength Index (RSI) reads 42.20, indicating that ADA is currently neither oversold nor overbought.
The 7-day Moving Average Convergence Divergence (MACD) is trading below the signal line, suggesting some downward momentum in the short term.
Polkadot (DOT) Price Analysis
Polkadot (DOT) is currently priced at $5.36, down 3.12% for the day. The highest price point on the chart is approximately $5.55, forming a potential resistance level, while the lowest is around $5.25, marking a possible support level.
Primary support for DOT is around $5.25, the lowest point on the chart. This level may attract buyers looking to prevent further declines. Secondary support is identified at $5.30, which has shown some price stability.
Primary resistance is around $5.55, the highest point on the chart, where significant selling pressure has been observed. Secondary resistance is found at $5.45, a level that has seen selling activity before reaching the primary resistance.
The 24-hour trading volume for Polkadot is $146,531,021, reflecting an 11.23% increase. This indicates robust trading activity despite the price decline.
The 7-day RSI for DOT reads 40.05, suggesting that the asset is approaching oversold conditions. The 7-day MACD is trading below the signal line, indicating potential downward momentum.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
