U.Today - The market has switched to green again, according to CoinStats.
ADA/USD
Cardano (ADA) is one of the biggest gainers today, rising by 4.46%.
On the hourly chart, the price of ADA is falling after a false breakout of the local resistance of $0.7952. If the daily bar closes far from that mark, the drop is likely to continue to the $0.7750 area.
On the bigger time frame, the rate of ADA is going up after yesterday's bullish closure. However, buyers might need more time to accumulate energy for a further sharp move.
In this case, sideways trading in the narrow range of $0.78-$0.81 is the most likely scenario.
From the midterm point of view, the situation is similar. if the weekly bar closes around current prices, traders are unlikely to witness sharp moves soon.
ADA is trading at $0.7872 at press time.
This content was originally published on U.Today
