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Cardano (ADA) Price Analysis for February 5

Sun, 02/05/2023 - 14:10
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Denys Serhiichuk
Can Cardano (ADA) return to its resistance levels shortly?
Cardano (ADA) Price Analysis for February 5
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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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The cryptocurrency market is facing a correction on the last day of the week as most of the coins are in the red zone.

Top coins by CoinMarketCap


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.

Bitcoin (BTC) Price Analysis for February 4

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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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