Cryptocurrency

Cardano (ADA) Price Analysis for August 2

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It seems that the cryptocurrency market needs some time to “rest” as coins are in the red area.

Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the fall of most of the other coins, losing 3.25% of its price share since yesterday.

Top coins by CoinMarketCap

On the hourly chart, Cardano (ADA) is trading in the middle of the narrow range between the support at $0.4899 and the resistance at $0.5035.

Currently, the situation is neither bullish nor bearish, confirming that one should not expect any sharp moves until the end of the day.

ADA/USD chart by Trading View

Cardano (ADA) has bounced back to the support level at $0.4885 on the daily chart. However, the rate has not come back above the vital $0.50 mark, which means that bulls may start losing their initiative. If they cannot return the price above the mentioned zone, the fall might lead to the test of $0.48 soon.

ADA/USD chart by Trading View

From the midterm point of view, Cardano (ADA) has made a false breakout of the $0.4930 mark. But if bulls lose this level, the local bullish trend might come to an end. Such a scenario is relevant until mid-August.

ADA is trading at $0.5020 at press time.

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