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The market is trading sideways today as none of the sides has seized the initiative yet.
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ADA/USD
The rate of Cardano (ADA) has increased by 0.35% over the past 24 hours.
Image by TradingView
On the hourly chart, the rate of Cardano (ADA) has almost tested the local resistance level at $0.3013. At the moment, one should focus on the daily bar closure. If it happens above the $0.30 zone, the upward move may continue to the $0.3050 area tomorrow.
Image by TradingView
On the bigger time frame, the price of Cardano (ADA) keeps accumulating energy for a further move. The rate is far from the support and the resistance, which means there are low chances to expect anything from the altcoin.
In this case, ongoing sideways trading in the wide range of $0.29-$0.31 is the more likely scenario until the end of the month.
Image by TradingView
A similar situation can be seen on the weekly chart as none of the sides has seized the initiative yet. Thus, the volume keeps falling, which means that buyers are not ready yet to buy at the current prices. All in all, traders are likely to expect consolidation around the $0.30 area.
ADA is trading at $0.2979 at press time.
Yuri Molchan
Tomiwabold Olajide
Mushumir Butt
