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Cardano (ADA) Price Analysis for February 27

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Mon, 27/02/2023 - 15:17
Cardano (ADA) Price Analysis for February 27
Cover image via www.tradingview.com

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Most of the coins are returning to the green zone at the beginning of the week.

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Top 10 coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has risen by 1.09% over the last 24 hours.

ADA/USD chart by TradingView

On the local chart, the price of Cardano (ADA) is on the way to the resistance level of $0.3687. If buyers can hold the gained initiative until the end of the day, one can expect a breakout, followed by a blast to the $0.3750 zone.

ADA/USD chart by TradingView

Bulls are also more powerful than bears on the daily time frame. At the moment, one should pay attention to the bar closure. If it happens near the interim resistance at $0.3704, the accumulated energy might be enough for ongoing growth to the $0.38 mark.

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Such a scenario is relevant until the end of the week.

ADA/BTC chart by Trading View

The situation is totally opposite on the daily chart against Bitcoin (BTC) as the price has come back to the support level at 0.00001542. In this case, the more likely scenario is a breakout and further drop to the 0.000015 area.

ADA is trading at $0.3682 at press time.

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