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Cardano (ADA) Price Analysis for February 4

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Sun, 4/02/2024 - 13:22
Cardano (ADA) Price Analysis for February 4
Cover image via www.tradingview.com

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Bears are becoming more active on the last day of the week, according to CoinMarketCap.

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ADA/USD

The rate of Cardano (ADA) has fallen by 2.81% since yesterday. Over the last week, the price has risen by 2.80%.

Image by TradingView

The price of ADA might have set a local support level at $0.5015. At the moment, one should pay attention to the daily bar closure. If it happens far from that mark, one can expect a test of the resistance tomorrow.

Image by TradingView

On the bigger time frame, the rate of ADA has not decided which way to move yet as neither bulls nor bears have seized the initiative.

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In this case, sideways trading in the area of $0.50-$0.53 is the more likely scenario for the next few days.

Image by TradingView

A similar situation is on the weekly chart. While the price is above the $0.4643 level, there is a chance of a local rise. However, if buyers want to be back in the game in the midterm, one should expect a breakout of the $0.55 zone.

ADA is trading at $0.5076 at press time.

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