Cardano (ADA) is showing a significant rise today, gaining 4.46%. We cover the current market trends and potential price movement scenarios.
Cardano (ADA) Dynamics on the Hourly Chart
On the hourly chart, the price of ADA is falling after a false breakout of the local resistance at $0.7952. If the daily bar closes far from that mark, a drop to the $0.7750 area is likely.
Picture on the Larger Time Frame
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.
Midterm Prospects for ADA
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 currently trading at $0.7872. The present market structures suggest the possibility of a sideways trend in the coming days.
