Cardano

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
The <a href="https://u.today/binance-coin-bnb-price-analysis-for-august-9" rel="noopener noreferrer nofollow">market</a> is trading sideways today as none of the sides has seized the initiative yet. 
<img alt="Top coins by CoinMarketCap" data-entity-type="file" data-entity-uuid="03fc1b60-186f-42f1-be1a-604466c1bc5a" src="https://u.today/sites/default/files/inline-images/top10_589.png"> 
Top coins by<a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow"> CoinMarketCap</a> 
<h2 id="ada-usd">ADA/USD</h2> 
The rate of Cardano (ADA) has increased by 0.35% over the past 24 hours. 
<img alt="ADA/USD chart by TradingView " data-entity-type="file" data-entity-uuid="6c4640b5-3fcc-4768-825d-9ff6d639f9bf" src="https://u.today/sites/default/files/inline-images/ada1_71.png"> 
Image by <a href="https://www.tradingview.com/symbols/ADAUSD" rel="noopener noreferrer nofollow">TradingView</a> 
On the hourly chart, the rate of Cardano (ADA) has almost tested the local resistance level at $0.3013. At the moment, one should focus on the daily bar closure. If it happens above the $0.30 zone, the upward move may continue to the $0.3050 area tomorrow. 
<img alt="ADA/USD chart by TradingView " data-entity-type="file" data-entity-uuid="8d07569b-edd9-4494-a22a-46b82653fe62" src="https://u.today/sites/default/files/inline-images/ada2_71.png"> 
Image by <a href="https://www.tradingview.com/symbols/ADAUSD" rel="noopener noreferrer nofollow">TradingView</a> 
On the bigger time frame, the price of Cardano (ADA) keeps accumulating energy for a further move. The rate is far from the support and the resistance, which means there are low chances to expect anything from the altcoin. 
In this case, ongoing sideways trading in the wide range of $0.29-$0.31 is the more likely scenario until the end of the month. 
<img alt="ADA/USD chart by TradingView " data-entity-type="file" data-entity-uuid="d09f9d79-9381-4beb-8158-7b2bcab8b5c0" src="https://u.today/sites/default/files/inline-images/ada3_60.png"> 
Image by <a href="https://www.tradingview.com/symbols/ADAUSD" rel="noopener noreferrer nofollow">TradingView</a> 
A similar situation can be seen on the weekly chart as none of the sides has seized the initiative yet. Thus, the volume keeps falling, which means that buyers are not ready yet to buy at the current prices. All in all, traders are likely to expect consolidation around the $0.30 area. 
ADA is trading at $0.2979 at press time.

Cardano (ADA) Price Analysis for August 10

Table of Contents

U_Today

Other articles published on Aug 10, 2023

US Federal Reserve Introduces New Crypto Supervision Measures

Binance has Greenlit Shiba Inu as Collateral Asset

Shiba Inu (SHIB) Bull Run Easy to Explain With This Metric

Cardano Founder Touts ADA’s Growth, Cites Adoption and Community as Key Drivers

Fed Reveals New Rules for Dealing with Stablecoins in the US

SEC Removes XRP from Securities List: What It Means

Join our free newsletter for daily crypto updates!