Mon. Jan 30th, 2023

The last day of the weekend is rather more bearish than bullish for the cryptocurrency market as the majority of the top 10 coins are in the red zone.

Top coins by CoinMarketCap

Cardano (ADA) is the only gainer from the list, rising by 4% considering that yesterday, while the rate modification over the last week has increased by +21.48%.


ADA/USD chart by TradingView

On the per hour chart, the decrease may have completed for today as bulls are revealing strength at the mark around $2.55. Hence, the selling trading volume is decreasing, which verifies bears weakness.

In this case, one may expect a bounceback to the resistance of $2.60 by the end of the day.

ADA/USD chart by TradingView

On the larger chart, there is a high possibility of seeing a test of yesterdays high at $2.52 prior to the development continues. One should consider such a move as gaining power for a continuous price rise.

ADA/USD chart by TradingView

ADA is trading at $2.57 at press time.

On the weekly amount of time, the drop might be more profound. If a decline occurs, Cardano (ADA) might check the previous peak at $2.47, followed by a bounceback.


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