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Cardano (ADA) Price Analysis for July 7

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Fri, 7/07/2023 - 14:45
Cardano (ADA) Price Analysis for July 7
Cover image via www.tradingview.com

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The correction has continued on the cryptocurrency market as most of the coins are staying in the red zone.

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ADA/USD

The rate of Cardano (ADA) has declined by 0.44% over the last 24 hours.

ADA/USD chart by TradingView

Image by TradingView

Despite today's fall, the rate of Cardano (ADA) is looking bullish on the local chart as the price is about to fix above the resistance at $0.2843. If buyers can hold the gained initiative, the upward move may continue to the $0.29 zone.

ADA/USD chart by TradingView

Image by TradingView

On the daily time frame, the price of Cardano (ADA) is in the middle of the channel, accumulating energy for a further sharp move.

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One can think about a possible midterm reversal only if the rate fixes above the $0.30 zone.

ADA/USD chart by TradingView

Image by TradingView

A similar situation can be seen on the weekly chart as the rate is far from key levels. As none of the sides has seized the initiative yet, ongoing sideways trading in the narrow range of $0.28-$0.30 is the more likely scenario until mid-July.

ADA is trading at $0.2851 at press time.

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