Bulls are losing the initiative on the last day of the week as some coins are back in the red zone.
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ADA/USD
The price of Cardano (ADA) has increased by almost 1% over the last 24 hours.
Image by TradingView
Despite the growth, the rate of ADA is testing the local support level at $0.3128. If the daily closure happens below it, buyers might seize the initiative, which can lead to a test of the $0.31 zone tomorrow.
Image by TradingView
The situation is bearish on the daily time frame as the ADA rate has failed to fix above the $0.3150 mark. At the moment, one should pay close attention to the $0.31 area.
If buyers can hold that level, the drop may continue to $0.30500 soon.
Image by TradingView
A different picture is on the weekly chart as the rate has once again bounced off the support at $0.2996. However, the rate of ADA has not accumulated enough energy for an upward move. All in all, sideways trading between $0.31 and $0.3150 is the more likely scenario until mid-August.
ADA is trading at $0.3125 at press time.
Yuri Molchan
Arman Shirinyan
Godfrey Benjamin