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Cardano (ADA) Price Analysis for February 5

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Sun, 5/02/2023 - 14:10
Cardano (ADA) Price Analysis for February 5
Cover image via www.tradingview.com

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The cryptocurrency market is facing a correction on the last day of the week as most of the coins are in the red zone.

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Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has lost a lot of value today, falling by 3.15%.

ADA/USD chart by TradingView

On the hourly chart, the price of Cardano (ADA) has broken the local support level at $0.3940. At the moment, traders should pay attention to that mark. If nothing changes, the decline may continue to the $0.38 zone shortly.

ADA/USD chart by TradingView

On the daily time frame, bears might have locally seized the initiative as the rate has broken the important $0.40 mark. While the price is below it, there is a higher chance to see a further decline.

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From another point of view, ADA is located in the middle of the channel, which means that the more likely scenario is sideways trading in the narrow range of $0.39-$0.40.

ADA/USD chart by TradingView

On the weekly chart, the candle is about to close far away from the key levels, which means that the altcoin has not accumulated enough power for a further move. That is why the price of Cardano (ADA) is likely to be located near the $0.40 mark next week.

ADA is trading at $0.3927 at press time.

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