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The market has slightly switched to green today, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has gone up by 1.42% over the last day.
On the hourly chart, the price of ADA is testing the local resistance of $0.6705.
If buyers can hold the gained initiative and the candle closes around that mark, there is a chance of a breakout, followed by a move to the $0.6750 mark.
On the bigger time frame, the rate of ADA is in the middle of the channel. Even if today's bar closes bullish, buyers might need more time to accumulate energy for a further move.
From the midterm point of view, the weekly bar is about to close with a long wick. If that happens, traders may witness a local bounce back to the $0.70 zone.
ADA is trading at $0.6685 at press time.
Vladislav Sopov
U.Today Editorial Team