Bulls have seized the initiative after yesterday’s decline, according to CoinMarketCap.
ADA/USD
Cardano (ADA) has gained a lot of value today, rocketing by 7.31%.
On the hourly chart, the rate of ADA has broken the local resistance at $0.3675. If bulls can hold the gained initiative, the upward move is likely to continue to the $0.38 zone at the weekend.
On the bigger time frame, the price of ADA is rising after yesterday’s bullish closure. However, buyers might need more time to accumulate energy for a further move.
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In this case, sideways trading in the range of $0.36-$0.3750 is the more likely scenario until the end of the week.
From the midterm point of view, the rate of the altcoin has made a false breakout of the previous weekly candle low. If the bar closes far from that mark, there is a chance to see a bounce off to the $0.40 zone.
ADA is trading at $0.37 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-january-2