Bulls remain more powerful than bears, according to the CoinMarketCap ranking.
ADA/USD
Cardano (ADA) is the biggest gainer from the list today, rocketing by 9.25% over the last 24 hours.
On the hourly chart, the rate of Cardano (ADA) after the false breakout of the local support level is at $0.3826. If bulls can hold the price above the $0.39 zone, traders can see ADA around the resistance of $0.3956 shortly.
On the daily time frame, the price of Cardano (ADA) has almost touched the recently formed resistance at $0.3957. At the moment, traders should pay attention to the candle closure. If it happens near that mark with no long wicks, the growth may continue to the crucial zone of $0.40 and even above.
Analyzing the daily chart against Bitcoin (BTC), the situation is less positive as the price once bounced off the resistance at 0.00001763. It means that buyers need more time to accumulate power for a further move. In this case, the ongoing consolidation in the range of 0.000017-0.00001750 is the more likely scenario until the end of the week.
ADA is trading at $0.3915 at press time.
Tomiwabold Olajide
Godfrey Benjamin
