Has Cardano (ADA) reached support levels yet?

Denys Serhiichuk U.Today

Bulls could not hold the initiative until the end of the week as none of the main coins could grow.

Top coins by CoinMarketCap

ADA/USD

The price of Cardano (ADA) has gone down by 0.67% since yesterday, while the rate has dropped by 3.77% over the last week.

ADA/USD chart by Trading View

On the local time frame, Cardano (ADA) is trading near the hourly level at $0.4420. If bulls cannot seize the initiative shortly, there is a chance to see a further drop to the $0.44 mark.

ADA/USD chart by Trading View

On the daily chart, the price is located in the middle of the channel between the support at $0.4257 and the resistance at $0.4741.

Currently, one should not expect any sharp moves as neither side has accumulated enough strength for a further move.

ADA/USD chart by Trading View

On the weekly time frame, the situation is a bit different. Cardano (ADA) has made a false breakout of the $0.4347 level. While the price is above it, bulls have a chance for a local bounce back. If that happens, one can expect a rise to $0.50 in the mid-term.

ADA is trading at $0.4418 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

U.Today

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.