Even though the day started with a slight fall, most of the coins managed to come back to the green zone.
ADA/USD
Cardano (ADA) has followed the rise of Bitcoin (BTC), going up by almost 1%.
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.
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.
Only in that case, there is a chance of seeing a test of the resistance at $0.42.
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.
Tomiwabold Olajide
Godfrey Benjamin
