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Bulls are back in the game after a few days of a bearish market, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has rocketed by 11.45% over the last 24 hours.
The price of ADA might have set a local resistance level of $0.9828. If the daily bar closes far from that mark, bears may seize the initiative, which may lead to a drop to the $0.93-$0.94 zone soon.
A more positive picture is on the bigger time frame. However, one should also focus on the bar closure in terms of the $0.9890 level.
Denys SerhiichukIf the candle closes around it or above and with no long wick, the accumulated energy might be enough for a test of the $1.05-$1.10 area.
From the midterm point of view, neither side is dominating as the price of ADA is far from the key levels. Thus, the volume is going down. In this case, sideways trading in the zone of $0.80-$1 is the more likely scenario.
ADA is trading at $0.9602 at press time.
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.
Yuri Molchan
Vladislav Sopov
Dan Burgin