Cardano (ADA) Price Analysis for February 2

The market has slightly bounced off, according to CoinMarketCap.

ADA/USD

The price of Cardano (ADA) has increased by 3.62% over the last 24 hours.

Despite today’s rise, the rate of ADA is looking rather more bearish than bullish on the hourly chart. If the situation does not change by the end of the day, one can expect a support breakout to the $0.50 area tomorrow.

On the daily time frame, today’s growth has not affected the overall technical position of ADA.

Thus, the volume keeps falling, which means ongoing sideways trading in the area of $0.50-$0.52 is the more likely scenario for the next few days.

Almost the same picture can be seen on the weekly time frame. If the weekly bar closes around curent prices, traders are likely to see a consolidation around the $0.50 area the next week.

ADA is trading at $0.5109 at press time.

SOURCE

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