Does price of Cardano (ADA) have enough power for local growth?
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The last day of the week is neither bullish nor bearish as the rates of some coins are rising while others keep falling.
The rate of Cardano (ADA) has declined by 0.46% over the last 24 hours.
On the hourly chart, the price of ADA is trading near the local resistance level of $0.2505. If the daily bar closes around it or even above, there is a chance to see a breakout followed by a further rise to the $0.2520-$0.2530 zone tomorrow.
A less clear picture is on the daily time frame, as the price keeps trading sideways, accumulating energy for a sharp move. While the rate is below the $0.26 level, bears are controlling the situation.
In this case, there is still a possibility to see a decline to the zone of $0.2450.
From the midterm point of view, the rate of Cardano (ADA) has once again bounced off the area of $0.24. If the weekly candle closes far from it, buyers might seize the initiative, which could lead to an upward move to $0.26.
ADA is trading at $0.25 at press time.