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Buyers are trying to hold the gained initiative, according to CoinMarketCap.
The rate of Cardano (ADA) has increased by 1.22% since yesterday. Over the last week, the price has fallen by 8.94%.
On the hourly chart, traders should pay attention to the local resistance level of $0.5908. If the daily bar closes above that mark, the growth is likely to continue to the $0.60 zone.
On the bigger time frame, the rate of ADA is approaching the resistance of $0.5950. If the candle closes near it or even above, the accumulated energy might be enough for a test of the $0.60-$0.61 area next week.
A less positive picture is on the weekly chart. At the moment, the price keeps trading near the support level of $0.5680, which is a bearish signal from the midterm point of view.
If a breakout happens, one can expect a more profound correction to the $0.50 zone.
ADA is trading at $0.5889 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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