Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bulls could not hold the initiative on the first day of the weekend as most of the coins are back in the red zone.
The price of Cardano (ADA) has declined by 0.48% over the last 24 hours.
On the hourly chart, Cardano (ADA) is trading near the local support level at $0.2566. The rate is far away from the resistance at $0.2602, which means a breakout followed by a drop to the $0.2550 zone is the more likely scenario.
On the daily time frame, the situation is unclear as the price is staying within yesterday’s candle against the declining volume. Currently, traders should not expect sharp moves as the altcoin has not accumulated enough power.
If buyers want to seize the initiative, they need to restore the rate above the $0.27 area.
On the bigger chart, the price of Cardano (ADA) has made a false breakout of the recently formed support level at $0.2550. If buyers can keep the rate above it until the end of the week, the growth to $0.27 may continue.
ADA is trading at $0.2577 at press time.