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The market has almost changed to green, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has risen by almost 7% over the last 24 hours.
On the hourly chart, the price of ADA is rather more bearish than bullish as the rate is closer to the support than to the resistance level.
If sellers' pressure continues, one can expect a level breakout, followed by a test of the $0.57 range.
A more positive picture can be seen on the bigger time frame. The rate of ADA has tested the resistance of $0.5882. If the daily bar closes near that mark, there is a chance to see an ongoing upward move to the $0.60 zone.
From the midterm point of view, it is too soon to make any long-term predictions. However, if the weekly candle closes far from the $0.5192 support, traders may witness a local rise to the $0.65 area.
ADA is trading at $0.5814 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team