The cryptocurrency market is experiencing price growth, and Cardano (ADA) in particular is demonstrating a significant increase in value.
General Overview of ADA Prices
Over the last 24 hours, the price of Cardano (ADA) increased by 6.55%. On the hourly chart, the ADA rate is near the local resistance level of $0.8254. As most of the Average True Range (ATR) has passed, there are low chances of seeing sharp moves by tomorrow.
Short-term Forecasts
If the daily bar closes near the mentioned mark, one may expect a test of the $0.85 zone shortly. On the longer time frame, the price is on its way to the resistance of $0.8466. However, buyers might need time to accumulate energy for a breakout. Thus, the volume has dropped, which means sideways trading in the range of $0.78-$0.82 is the most likely scenario until the end of the week.
Long-term Prospects
A similar picture can be seen on the weekly chart. Traders should pay attention to the $0.8466 resistance. If the bar closes above it with no long wick, an ongoing upward move to the $0.90 mark is the most likely scenario. ADA is trading at $0.8038 at press time.
Thus, Cardano continues to demonstrate positive trends, but monitoring resistance levels is necessary for further forecasting.
