All top 10 cryptocurrencies remain in the red zone, according to CoinStats.
ADA chart by CoinStatsADA/USD
The rate of Cardano (ADA) has fallen by 1% over the past day.
Image by TradingViewOn the hourly chart, the price of ADA is going up after a false breakout of the local support at $0.2934. If the bar closes above the resistance, traders may expect an ongoing upward move to the $0.31 zone tomorrow.
Image by TradingViewOn the longer time frame, one should pay attention to the candle’s closure in terms of the $0.2992 level. If the bar closes above that mark and with a short wick, there is a chance to see a test of the $0.31-$0.32 zone over the next few days.
Image by TradingViewFrom the midterm point of view, the situation remains bearish as the rate of ADA has not bounced off far from the support at $0.2756.
If sellers’ pressure continues and the breakout of the mentioned level happens, the accumulated energy might be enough for a more profound drop to the $0.25 area.
ADA is trading at $0.2999 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-february-3
