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Has Cardano (ADA) reached support levels yet?

Has Cardano (ADA) reached support levels yet?
Denys SerhiichukDenys SerhiichukU.Today

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

Chart

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.

ADAUSD

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.

ADAUSD

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.

ADAUSD

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

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

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