Tue, 12/12/2023 – 14:20
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The market is neither bullish nor bearish today, as some coins keep trading in the red zone, while others are trying to rise.
Cardano (ADA) is one of the biggest gainers today, rocketing by almost 8%.
Despite today’s sharp growth, the rate of ADA continues looking bullish as the price has broken the local resistance level of $0.6017.
If the daily candle closes above that mark, the ongoing rise may continue to the $0.62 area.
On the bigger time frame, the fall has not continued after yesterday’s bearish bar. However, buyers need to fix above $0.6474 for a further upward move. Only in that case, there is a possibility to see a a test of the $0.70 zone.
The rate of ADA is also bullish on the daily chart against BTC. If the bar breaks the $0.00001467 level, the rise is likely to lead to the test of the $0.000015-0.000016 area soon.
ADA is trading at $0.6060 at press time.