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Cardano (ADA) Price Analysis for July 18

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Wed, 19/07/2023 - 15:45
Cardano (ADA) Price Analysis for July 18
Cover image via www.tradingview.com

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Bulls are trying to restore the lost initiative as most of the coins are coming back to the green zone.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has increased by 2.77% over the last 24 hours.

ADA/USD chart by TradingView

Image by TradingView

Despite the rise, the price of Cardano (ADA) is coming back to the local support level at $0.3069. If the decline continues until the end of the day, bears might again seize the initiative, which can lead to the test of the $0.30 zone shortly.

ADA/USD chart by TradingView

Image by TradingView

On the daily time frame, the rate of Cardano (ADA) is in the middle of a wide channel, accumulating energy for a further move. As none of the sides has seized the initiative yet, ongoing sideways trading in the area of $0.30-$0.32 is the more likely scenario.

ADA/USD chart by TradingView

Image by TradingView

On the weekly chart, the situation is more positive as the rate has bounced off the important zone of $0.30. If the candle closes far from it, there is a chance to see local growth to the $0.35 area.

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

ADA is trading at $0.3110 at press time.

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