Cardano (ADA) Price Analysis for August 4

Cardano Image 9

By the middle of the week, bulls are trying to seize the lost initiative. As a result, some coins have come back to the red zone.

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The rate of Cardano (ADA) has increased by 3% since yesterday, while the price change over the last week has gone up by 6.10%.

ADA/USD chart by Trading View

On the hourly chart, Cardano (ADA) has accumulated enough energy to come back to the recently formed level at $1.40. Thus, the rising trading volume confirms the continued growth.

ADA/USD chart by Trading View

On the daily time frame, the volatility is decreasing, which means that at the moment traders are accumulating power for a further sharp price move.

After a test of the liquidity level at $1.37, Cardano (ADA) has fixed above the $1.35 mark. In this case, the more likely price action is the test of the resistance at $1.47, followed by a short-term decline.

ADA/USD chart by Trading View

On the weekly chart, Cardano (ADA) is slowly approaching the vital $1.50 level. The buying trading volume is low, which means that traders can plan to break the aforementioned level. If they can do it, the next area at which sellers may seize the initiative is $1.80-$2.

Cardano is trading at $1.36 at press time.