The weekend has started neutrally for the cryptocurrency market, according to CoinMarketCap.
Top coins by CoinMarketCap
ADA/USD
The price of Cardano (ADA) has dropped by 1% over the last 24 hours.
Image by TradingViewOn the hourly chart, the rate of ADA has fixed below the local support level of $0.4789. If the situation does not change by the end of the day, the decline may continue to the $0.47 area tomorrow.
Image by TradingViewBulls could not maintain the rise after yesterday’s bullish closure. The volume is low, which means buyers are not ready to seize the initiative yet.
In this case, there is still a chance of a correction to the $0.46-$0.47 area next week.
Image by TradingViewFrom the midterm point of view, one should pay attention to the weekly bar closure in terms of the nearest level of $0.4759. If it happens above, the upward move may lead to a test of $0.50 by the end of the month.
ADA is trading at $0.4779 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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