The price of cryptocurrency Cardano (ADA) has increased by 7% over the past day. Below is an analysis of current trends and predictions for the future.
Short-term Trends of ADA
On the hourly chart, ADA's price appears more bearish than bullish, as it is closer to the support level than to the resistance level. If selling pressure continues, a breakout is expected, followed by a test of the $0.57 range.
Analysis of Longer Time Frames
On longer time frames, the outlook is more positive. ADA has tested the $0.5882 resistance level. If the daily candle closes near this mark, there is a chance of a continued upward move to the $0.60 zone.
Future Movements Predictions
From a midterm perspective, it is too early to make long-term predictions. However, if the weekly candle closes far from the $0.5192 support level, traders may witness a local rise to the $0.65 area.
Currently, ADA is trading at $0.5814. The trend analysis shows both short-term and medium-term opportunities for continued growth.
