Denys Serhiichuk
How great is chance of seeing upward move of Cardano (ADA) soon?
Buyers have failed to seize the initiative, according to CoinStats.
ADA chart by CoinStats
ADA/USD
The rate of Cardano (ADA) has declined by 0.71% since yesterday.
Image by TradingViewOn the hourly chart, the price of ADA is looking bearish as the rate has come back to the support of $0.3852. If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to $0.38.
Image by TradingViewOn the bigger time frame, traders should pay attention to the interim zone of $0.40. If it breaks out, the accumulated energy might be enough for a further rise to the $0.41-$0.42 range.
Image by TradingViewFrom the midterm point of view, neither buyers nor sellers are dominating. Such a statement is also confirmed by low volume.
All in all, sideways trading between $0.36 and $0.40 is the more likely scenario for the next few days.
ADA is trading at $0.3893 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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