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Buyers remain more powerful than sellers in the middle of the week, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has risen by 2.23% over the last 24 hours.
On the hourly chart, the price of ADA might have set a local resistance of $0.599. If buyers can hold the gained initiative and the daily bar closes near the upper level, one can expect a breakout, followed by a further upward move to the $0.61 area.
On the bigger time frame, the rate of ADA is rising after yesterday's bullish closure. If the bar closes near its peak and with no long wick, traders may expect a test of the resistance of $0.6117 until the end of the week.
From the midterm point of view, the price of ADA is far from key levels. In this case, one should pay attention to the bar's closure in terms of the previous candle's high.
If it happens near $0.61, the accumulated energy might be enough for a test of the $0.65 range.
ADA is trading at $0.5973 at press time.
Vladislav Sopov
U.Today Editorial Team