Denys Serhiichuk

Has rate of Cardano (ADA) accumulated enough energy for price blast?

Buyers are trying to hold the gained initiative, according to CoinMarketCap.

ADA/USD

The rate of Cardano (ADA) has increased by 1.22% since yesterday. Over the last week, the price has fallen by 8.94%.

On the hourly chart, traders should pay attention to the local resistance level of $0.5908. If the daily bar closes above that mark, the growth is likely to continue to the $0.60 zone.

On the bigger time frame, the rate of ADA is approaching the resistance of $0.5950. If the candle closes near it or even above, the accumulated energy might be enough for a test of the $0.60-$0.61 area next week.

A less positive picture is on the weekly chart. At the moment, the price keeps trading near the support level of $0.5680, which is a bearish signal from the midterm point of view.

If a breakout happens, one can expect a more profound correction to the $0.50 zone.

ADA is trading at $0.5889 at press time.

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Denys Serhiichuk