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The market is not going to decline, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has gone up by 2.17% over the past day.
On the hourly chart, the rate of ADA is rising after breaking the local resistance of $0.7440. If bulls can hold the gained initiative and the daily bar closes with no long wick, growth is likely to continue to the $0.76 mark.
On the longer time frame, the situation is also bullish. If a breakout of the $0.7591 level happens, the accumulated energy might be enough for a blast to the $0.78-$0.80 range.
Such a scenario is relevant until the end of the week.
From the midterm point of view, the picture is less clear. At the moment, traders should focus on the nearest zone of $0.70. If the candle closes below it, there is a high chance to see an ongoing decline to the $0.66-$0.68 range.
ADA is trading at $0.7552 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team