Cardano

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The market has slightly bounced off, according to <a href="https://u.today/bitcoin-btc-price-analysis-for-february-1">CoinMarketCap</a>.
<img data-entity-type="file" data-entity-uuid="76727d3b-01c5-4178-ab03-274c2a593e5f" src="https://u.today/sites/default/files/inline-images/top10_917.png">Top coins by<a href="https://coinmarketcap.com/"> CoinMarketCap</a>
<h2 class="text-align-justify" id="ada-usd">ADA/USD</h2>
The price of Cardano (ADA) has increased by 3.62% over the last 24 hours.
<img data-entity-type="file" data-entity-uuid="07ed7a9b-950c-4198-8a60-a594e38fbce4" src="https://u.today/sites/default/files/inline-images/ada1_101.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ADAUSDT">TradingView</a>
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.
<img data-entity-type="file" data-entity-uuid="23080597-6836-4e10-9f21-472ac069ad76" src="https://u.today/sites/default/files/inline-images/ada2_98.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ADAUSDT">TradingView</a>
On the daily time frame, today's growth has not affected the overall technical position of ADA.&nbsp;
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.
<img data-entity-type="file" data-entity-uuid="0e658950-359b-4c29-a665-95c27cb701b1" src="https://u.today/sites/default/files/inline-images/ada3_88.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/ADAUSDT">TradingView</a>
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.

Cardano (ADA) Price Analysis for February 2

Table of Contents

U_Today

Other articles published on Feb 2, 2024

Top Crypto Gainers Today Feb 2 – Pyth Network, Avalanche, WOO, Oasis Network

OKX Announced This Altcoin Will Be Delisted, Its Price Reacted!

Ethereum Gears Up for Growth with Upcoming Developments

Binance freezes stolen XRP in cooperation with Ripple to recover $4.2 Million

South Korea ‘Blighted by Crypto-powered Drug Pollution’ – Report

3 Altcoins to perform their best in 2024

Join our free newsletter for daily crypto updates!