Bulls have seized the initiative as all of the top 10 coins are in the green zone.
The rate of Cardano (ADA) has increased by 7.20%, while the price change over the last week has accounted for only 2.73%.
On the hourly chart, the ongoing rise of Cardano (ADA) is supported by a high trading volume, which means that buyers May have accumulated enough power for a price blast.
In this case, the more likely scenario is the test of the liquidity level at $2.40, followed by a correction as bulls need to gain energy to keep the growth going.
On the daily time frame, Cardano (ADA) is still located in a wide range despite today's sharp growth. If buyers can fix above $2.20 by tomorrow, the ongoing rise may continue to the nearest resistance level at $2.459.
From the mid-term point of view, Cardano (ADA) has fixed above the vital level of $2, which means that buyers still control the situation. Likewise, there is a chance to test the mirror level at $2.70 within the next few weeks.
ADA is trading at $2.209 at press time.