Cover image via U.Today
Bulls remain more powerful than bears, according to CoinStats.
ADA chart by CoinStatsADA/USD
The price of Cardano (ADA) has grown by 3.45% over the last 24 hours.
Image by TradingView
Despite today's rise, the rate of ADA is in the middle of the local channel, between the support of $0.6202 and the resistance of $0.6448. In this case, there are low chances to expect any sharp moves.
card
All in all, sideways trading in the area of $0.6250-$0.6350 is the more likely scenario until tomorrow.
Image by TradingView
On the daily chart, the price of ADA is going down after a false breakout of yesterday's bar peak. If the decline continues, one can expect a test of $0.60 by the end of the week.
Image by TradingView
A less clear picture can be seen on the weekly time frame. Despite the ongoing decline, the rate of ADA is far from the support level. However, if the decline continues, there is a high chance to see a drop to the $0.50 area this month.
ADA is trading at $0.6327 at press time.
