Can Cardano (ADA) keep growing faster than the other coins?
The last day of the weekend is rather more bearish than bullish for the cryptocurrency market as the majority of the top 10 coins are in the red zone.
Top coins by CoinMarketCap
ADA/USD
Cardano (ADA) is the only gainer from the list, rising by 4% since yesterday, while the price change over the last week has increased by +21.48%.
ADA/USD chart by TradingView
On the hourly chart, the decline may have finished for today as bulls are showing strength at the mark around $2.55. Thus, the selling trading volume is going down, which confirms bears' weakness.
In this case, one might expect a bounceback to the resistance of $2.60 by the end of the day.
ADA/USD chart by TradingView
On the bigger chart, there is a high possibility of seeing a test of yesterday's high at $2.52 before the growth continues. One should consider such a move as gaining power for an ongoing price rise.
ADA/USD chart by TradingView
On the weekly time frame, the drop may be more profound. If a decrease occurs, Cardano (ADA) may test the previous peak at $2.47, followed by a bounceback.
ADA is trading at $2.57 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
