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The market is mainly bullish at the end of the week, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has increased by almost 4% since yesterday. Over the last week, the price has fallen by 1.1%.
On the hourly chart, the price of ADA is going up after breaking the local resistance of $0.6462. If the daily candle closes above that mark, traders may see a test of the $0.67-$0.68 range shortly.
On the bigger time frame, the rate of ADA keeps growing after it bounced back from the support of $0.6092. However, the volume remains low, which means there are low chances to witness increased volatility.
All in all, sideways trading around the current prices is the more likely scenario.
From the midterm point of view, there are no reversal signals so far. The price is far from the main levels, confirming the absence of bulls' and bears' strength. In this case, traders are unlikely to see a bounce off soon.
ADA is trading at $0.6557 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team