Is Cardano (ADA) Price Ready for a Short-Term Rise?

Will Cardano's (ADA) price experience a short-term rise? Find out the latest updates and analysis on ADA's rate and resistance levels in this article.

Posted 8 months ago in Market Analysis

Hourly chart showing Cardano (ADA) rate and resistance level

The cryptocurrency market is mainly trading neutrally on the last day of the week. Top coins by CoinMarketCap ADA/USD The rate of Cardano (ADA) has almost not changed since yesterday. Over the last week, the price has declined by 1.60%.

On the hourly chart, the rate of Cardano (ADA) has set the local resistance level of $0.2462. If the daily candle closes near it, the price blast may lead to a test of the $0.2470-$0.2475 zone tomorrow.

On the daily time frame, the price has not dropped much after a false breakout of the resistance level at $0.2465. While the rate is below that mark, there is still a chance to see a correction.

However, if the upward move continues, traders are likely to see a test of the vital range of $0.25 next week.

From the midterm point of view, the candle is about to close bearish again, which means that buyers have failed to seize the initiative. However, one should also focus on the bar closure in terms of the near levels. If it happens far from the support of $0.2380, there is a possibility to see a bounce back to the $0.25 area. ADA is trading at $0.2458 at press time.

Last updated 9/25/2023, 4:52:28 AM


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