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The market is rising today after a few days of correction, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has increased by 1.46% over the last 24 hours.
On the hourly chart, the price of ADA keeps looking bullish on the hourly chart. If buyers can hold the gained initiative, one can expect a level breakout, followed by a move to the $0.36 mark.
On the longer time frame, the rate of ADA has once again bounced off the support of $0.3466. However, buyers might need more time to accumulate energy for a further move.
In this case, sideways trading in the zone of $0.35-$0.37 is the most likely scenario.
From the midterm point of view, the price of the altcoin has made a false breakout of the previous candle's low. If the bar closes far from that mark, there is a chance to see a bounce off to $0.38-$0.40 for the rest of the month.
ADA is trading at $0.3569 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team