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.
Bears have seized the initiative on the last day of the week, according to CoinStats.
Cardano (ADA) has lost a lot of value today, going down by 5.18%.
On the hourly chart, the rate of ADA is stuck in the middle of a narrow channel. However, if the price fixes above the $0.60 zone by the end of the day, the accumulated energy might be enough for a blast to the $0.61-$0.62 zone.
On the bigger time frame, ADA might need time to gather strength for a further sharp move after a continued rise. Thus, the volume has declined, which confirms possible sideways trading.
All in all, consolidation in the zone of $0.55-$0.60 is the more likely scenario for next week.
From the midterm point of view, the price of ADA remains bullish after a breakout of the $0.4633 level. However, buyers need more time for a further upward move. If the rate does not fix above $0.60, a local correction to the $0.50 zone may happen by the end of the month.
ADA is trading at $0.5919 at press time.