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Cardano (ADA) Price Analysis for February 23

Thu, 02/23/2023 - 19:00
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Denys Serhiichuk
How much time does Cardano (ADA) need to restore growth?
Cardano (ADA) Price Analysis for February 23
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Even though the day started with a slight fall, most of the coins managed to come back to the green zone.

Top coins by CoinMarketCap


Cardano (ADA) has followed the rise of Bitcoin (BTC), going up by almost 1%.

ADA/USD chart by TradingView

On the hourly chart, the price of Cardano (ADA) has found the local support level at $0.3830. Currently, one should pay attention to the $0.39 zone as closure above it could be a prerequisite for further growth to the resistance at $0.3949.

ADA/USD chart by TradingView

On the longer time frame, the situation is not as positive, as the rate keeps trading near the support at $0.3819. If buyers want to keep midterm growth going, they need to restore the price of ADA above the $0.40 zone.

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Only in that case, there is a chance of seeing a test of the resistance at $0.42.

ADA/BTC chart by TradingView

Analyzing the daily chart of Cardano (ADA) against Bitcoin (BTC), bears remain more powerful than bulls, as the rate keeps falling after a failed attempt to fix above the 0.000017 zone. In this regard, the more likely scenario is a continued drop to the support at 0.00001548.

ADA is trading at $0.3904 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at