Cardano

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Buyers are back in the game as <a href="https://u.today/ethereum-eth-price-analysis-for-august-3" rel="noopener noreferrer nofollow">most coins</a> are in the green zone. 
<img alt="Top 10 coins by CoinMarketCap" data-entity-type="file" data-entity-uuid="881a2d40-5bd0-43a8-905e-fd930de8f9de" src="https://u.today/sites/default/files/inline-images/top10_578.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 not followed the rise of most of other coins, falling by 0.04% since yesterday. 
<img alt="ADA/USD chart by TradingView" data-entity-type="file" data-entity-uuid="d84d0f09-98a7-46a4-a6e4-abbcaa9feec7" src="https://u.today/sites/default/files/inline-images/ada1_70.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) is trading near the local resistance at $0.2956. If the daily closure occurs near that mark, the breakout may lead to the test of the $0.30 zone tomorrow. 
<img alt="ADA/USD chart by TradingView" data-entity-type="file" data-entity-uuid="c58fd257-7055-4084-afc5-1298bb1db33f" src="https://u.today/sites/default/files/inline-images/ada2_70.png"> 
Image by <a href="https://www.tradingview.com/symbols/ADAUSD" rel="noopener noreferrer nofollow">TradingView</a> 
On the daily chart, the situation remains bearish as the rate is below the $0.30 area. If the decline continues to the $0.29 mark, the accumulated energy might be enough for a further drop to the $0.28 range. 
Such a scenario is relevant until mid-August. 
<img alt="ADA/USD chart by TradingView" data-entity-type="file" data-entity-uuid="5d68dcdb-da5c-4ca7-9c8c-de27c65df2ec" src="https://u.today/sites/default/files/inline-images/ada3_59.png"> 
Image by <a href="https://www.tradingview.com/symbols/ADAUSD" rel="noopener noreferrer nofollow">TradingView</a> 
From the midterm point of view, the situation is neither bullish nor bearish as the rate remains in the middle of the wide channel. As none of the sides has seized the initiative yet, ongoing consolidation in the area of $0.28-$0.32 is the more likely scenario until the end of the month. 
ADA is trading at $0.2954 at press time.

Cardano (ADA) Price Analysis for August 4

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