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The last day of the week has turned out to be bullish for most of the coins, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has risen by 0.78% over the last 24 hours.
On the hourly chart, the price of ADA is going up after a false breakout of the local support of $0.56. If sellers' pressure continues, one can expect a test of the resistance level by the end of the day.
On the bigger time frame, one should focus on the nearest level of $0.5688. If a breakout happens, the accumulated energy might be enough for a move to the $0.58 mark.
Such a scenario is relevant until the end of the day.
From the midterm point of view, the price of ADA is going up after a bounce back from the support of $0.5192. However, bulls might need more time to accumulate energy for an ongoing upward move. In this case, sideways trading in the narrow range of $0.55-$0.60 is the more likely scenario.
ADA is trading at $0.5653 at press time.
Vladislav Sopov
U.Today Editorial Team