Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The crypto market keeps rocketing on the first day of the week, according to CoinStats.
ADA/USD
The price of Cardano (ADA) has gone up by 2% over the last 24 hours.
On the hourly chart, the rate of ADA is in the middle of the local channel, between the support of $0.7343 and the resistance of $0.7683. As none of the sides is dominating, there are low chances of seeing increased volatility by tomorrow.
On the longer time frame, the situation remains bullish as the price is approaching the resistance of $0.77. However, the volume keeps going down, which means buyers might need some time to accumulate energy for a further move.
In this case, sideways trading in the area of $0.75-$0.77 is the most likely scenario.
From the midterm point of view, there are no reversal signals yet. If the breakout of the nearest resistance level occurs, one can expect a test of the $0.90-$1 zone soon.
ADA is trading at $0.7580 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team