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.
Bulls keep holding the initiative on the last day of the week.
The rate of Cardano (ADA) has increased by 2.24% since yesterday. Over the last week, the price has risen by 3.52%.
On the hourly chart, the price of ADA is looking bullish as it is on the way to testing the local resistance of $0.6239.
If the daily bar closes around that mark, there is a chance of a breakout to the $0.64 zone soon.
On the daily time frame, the rate of ADA is trading sideways as neither side has accumulated enough strength for a further move. This statement is also confirmed by the low volume. All in all, consolidation in the area of $0.60-$0.65 is the more likely scenario for the next few days.
From the midterm point of view, the price of ADA is returning to the resistance level of $0.6474. If buyers can hold the gained initiative, traders are likely to see a test of the $0.70-$0.75 area soon.
ADA is trading at $0.6202 at press time.