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.
Bulls are trying to restore the lost initiative as most of the coins are coming back to the green zone.
Top coins by CoinMarketCap
ADA/USD
The rate of Cardano (ADA) has increased by 2.77% over the last 24 hours.
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.
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.
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.
Denys SerhiichukSuch a scenario is relevant until the end of the month.
ADA is trading at $0.3110 at press time.
Alex Dovbnya
Dan Burgin