Cardano (ADA) Price Analysis for January 2 - U.Today

Bulls have seized the initiative after yesterday’s decline, according to CoinMarketCap.

Top coins by CoinMarketCap## ADA/USD

Cardano (ADA) has gained a lot of value today, rocketing by 7.31%.

Image by TradingViewOn the hourly chart, the rate of ADA has broken the local resistance at $0.3675. If bulls can hold the gained initiative, the upward move is likely to continue to the $0.38 zone at the weekend.

Image by TradingViewOn the bigger time frame, the price of ADA is rising after yesterday’s bullish closure. However, buyers might need more time to accumulate energy for a further move.

In this case, sideways trading in the range of $0.36-$0.3750 is the more likely scenario until the end of the week.

Image by TradingViewFrom the midterm point of view, the rate of the altcoin has made a false breakout of the previous weekly candle low. If the bar closes far from that mark, there is a chance to see a bounce off to the $0.40 zone.

ADA is trading at $0.37 at press time.