The crypto market is neutral today as the rates of some coins are rising, while others are falling, according to CoinStats.
ADA chart by CoinStatsADA/USD
The rate of Cardano (ADA) has gone up by 0.71% over the last 24 hours.
Image by TradingViewOn the hourly chart, the price of ADA is going down after a false breakout of the local resistance at $0.3551. If the daily bar closes below the support, the decline is likely to continue to the $0.3450 range soon.
Image by TradingViewOn the longer time frame, the rate of ADA is within yesterday’s bar, which means none of the sides has enough energy for a sharp move.
The falling volume also confirms such a statement. In this case, sideways trading in the zone of $0.34-$0.36 is the most likely scenario for the rest of the month.
Image by TradingViewFrom the midterm point of view, the situation is similar. Traders should focus on the nearest zone of $0.30. If the weekly bar closes below it, there is a high chance of seeing a test of the support at $0.2756 soon.
ADA is trading at $0.3495 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-january-27
