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The market has slightly bounced off, according to CoinMarketCap.
The price of Cardano (ADA) has increased by 3.62% over the last 24 hours.
Despite today's rise, the rate of ADA is looking rather more bearish than bullish on the hourly chart. If the situation does not change by the end of the day, one can expect a support breakout to the $0.50 area tomorrow.
On the daily time frame, today's growth has not affected the overall technical position of ADA.
Thus, the volume keeps falling, which means ongoing sideways trading in the area of $0.50-$0.52 is the more likely scenario for the next few days.
Almost the same picture can be seen on the weekly time frame. If the weekly bar closes around curent prices, traders are likely to see a consolidation around the $0.50 area the next week.
ADA is trading at $0.5109 at press time.
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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