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.
The market is bullish at the end of the week, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has risen by almost 1% since yesterday.
On the hourly chart, the price of ADA is on its way to the local resistance of $0.6071. If the situation does not change, the test of the resistance may happen by tomorrow.
On the bigger time frame, the rate of ADA has made a false breakout of the resistance of $0.5880. However, there are low chances of seeing a sharp bounce back, as not enough energy has been accumulated yet.
In this case, sideways trading in the zone of $0.60-$0.62 is the most likely scenario.
From the midterm point of view, one should focus on the weekly bar's closure in terms of the $0.5946 level. If it happens far from it, there is a chance to witness a local correction to the $0.64 mark.
ADA is trading at $0.6028 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team