Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The last day of the week is bullish for the cryptocurrency market.
ADA/USD
The price of Cardano (ADA) has risen by almost 5% since yesterday. Over the last week, the price has fallen by 1.40%.
On the hourly chart, the rate of ADA is located near the resistance level. However, any sharp moves are unlikely to happen today.
Most of the daily ATR has been passed, which means that sideways trading in the area of $0.3750 is the more likely scenario.
On the bigger time frame, the situation is quite similar as the rate is near the resistance. However, the price of ADA might need time to get more energy for a further move. In this case, consolidation in the range of $0.36-$0.38 is the more likely scenario for the next days.
From the midterm point of view, traders should focus on the bar closure in terms of the resistance level at $0.3951. If it happens near, the breakout may lead to an ongoing rise to the vital zone of $0.40 and above.
ADA is trading at $0.3747 at press time.
Credit: Source link
