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Cardano (ADA) Price Analysis for July 30

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Sun, 30/07/2023 - 14:32
Cardano (ADA) Price Analysis for July 30
Cover image via www.tradingview.com

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.

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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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Top 10 coins by CoinMarketCap

Top coins by CoinMarketCap

ADA/USD

The price of Cardano (ADA) has increased by almost 1% over the last 24 hours.

ADA/USD chart by TradingView

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.

ADA/USD chart by TradingView

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.

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If buyers can hold that level, the drop may continue to $0.30500 soon.

ADA/USD chart by TradingView

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.

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