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Cardano (ADA) Price Analysis for February 1

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Wed, 1/02/2023 - 15:34
Cardano (ADA) Price Analysis for February 1
Cover image via www.tradingview.com

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Bulls keep controlling the situation on the market, however, there are some exceptions to this rule.

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ADA/USD

The rate of Cardano (ADA) continues rising, going up by 1.34% over the last 24 hours.

ADA/USD chart by TradingView

On the hourly chart, the day has started with the false breakout of the resistance level of $0.3886 for Cardano (ADA). However, the rate has bounced off the support at $0.3781. If buyers can hold the price above that mark, the growth may continue to $0.3860.

ADA/USD chart by TradingView

On the bigger time frame, Cardano (ADA) is looking less positive as bulls could not keep the rise going after yesterday's bullish candle. This means that buyers might need more time to get energy for a further move.

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Respectively, sideways trading in the range of $0.38-$0.39 is the more likely scenario until the end of the week.

ADA/BTC chart by TradingView

Sideways trading can also be seen on the daily chart aginst Bitcoin (BTC). At the moment, neither bulls nor bears have seized the initiative, which means that trading in the area of 0.0000165-0.000017 can continue until mid-February.

ADA is trading at $0.3818 at press time.

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