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Cardano (ADA) Price Analysis for August 5

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Cardano (ADA) Price Analysis for August 5


Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bears remain weaker than bulls as coins have continued their local upward move.

Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the rise of Bitcoin (BTC), going up by 1.45%.

ADA/USD chart by Trading View

On the hourly chart, Cardano (ADA) is about to break the recently formed support level at $0.5071. If bears fix the rate below it, the fall may continue and lead to the test of the $0.5040 area by the end of the day.

ADA/USD chart by Trading View

On the daily time frame, the situation is neither bullish nor bearish as Cardano (ADA) is located far away from its vital levels. Bulls may continue the rise only when the altcoin fixes above the $0.52 mark.

ADA/USD chart by Trading View

Sideways trading remains the most likely scenario on the daily chart as well. The absence of buyers and sellers is also confirmed by low volumes. At the moment, one needs to pay attention to the nearest resistance level at $0.5472. If a breakout occurs, bulls might seize the midterm initiative.

ADA is trading at $0.5075 at press time.



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