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Cardano (ADA) Price Analysis for February 19

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Sun, 19/02/2023 - 14:17
Cardano (ADA) Price Analysis for February 19
Cover image via www.tradingview.com

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The market is trading sideways on the last day of the week, according to CoinMarketCap's ranking.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) keeps rising, going up by 1.37% over the last 24 hours.

ADA/USD chart by TradingView

Despite today's rise, the price of Cardano (ADA) might have found local resistance at the $0.4078 mark. If buyers cannot break that point by the end of the day, a rollback may happen to the middle of the channel, around the $0.4050 zone.

ADA/USD chart by TradingView

On the daily time frame, the price of Cardano (ADA) is returning to the resistance level formed by the false breakout.

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If the candle closes with no long wicks, the rate may move upward to the $0.42 zone next week.

ADA/USD chart by TradingView

A similar situation is on the weekly chart as bulls have managed to seize the initiative after the bearish candle. Thus, the buying volume is rising, which means that there is a chance to see continued growth to the nearest resistance at $0.4377 by the end of the month.

ADA is trading at $0.4066 at press time.

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