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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The market might not have faced a peak yet, according to CoinMarketCap.
The rate of Cardano (ADA) has increased by 0.55% over the last 24 hours.
On the hourly chart, the price of ADA is looking bearish as it is coming back to the local support level of $0.7292. If the situation does not change by the end of the day, one can expect a breakout, followed by a move to the $0.72 zone.
A less clear picture appears on the bigger time frame. The volume has declined, which means that none of the sides is ready for a further sharp move.
In this case, consolidation in the area of $0.72-$0.76 is the more likely scenario for the next few days.
On the weekly chart, traders should pay attention to the bar’s closure in terms of the $0.68 level. Until the price is above that mark, bulls remain more powerful than bears. All in all, the midterm growth may continue to the $0.80 zone and above.
ADA is trading at $0.7309 at press time.