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Cardano (ADA) Price Analysis for February 13

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Mon, 13/02/2023 - 20:00
Cardano (ADA) Price Analysis for February 13
Cover image via www.tradingview.com

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.

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The market has not found the local bottom yet as the rates of most of the coins are going down.

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Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) is one of the biggest losers from the list, falling by 4.25%.

ADA/USD chart by TradingView

Despite the fall, Cardano (ADA) is trading near the local resistance level at $0.3536 against the increased volume, which means that buyers are not going to give up so easily. If they can hold the initiative, the breakout of the mentioned mark may lead to a price blast to the $0.36 zone.

ADA/USD chart by TradingView

On the daily time frame, the price of Cardano (ADA) has made a false breakout of the support at $0.3469. In this case, the more likely scenario is consolidation in the range of $0.3550-$0.36, so the altcoin can accumulate more energy for a further move as none of the sides is controlling the situation at the moment.

ADA/BTC chart by TradingView

On the daily chart, against Bitcoin (BTC), Cardano (ADA) keeps trading in the middle of the channel against declining volume. Likewise, one should expect sharp moves soon, which means that the coin needs more time to get strength for either growth or decline. All in all, traders will see ADA in the area of 0.000016-0.00001650 until the end of the week.

ADA is trading at $0.3526 at press time.

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