Cardano (ADA) Price Analysis for August 5
Bears remain weaker than bulls as coins have continued their local upward move.
Cardano (ADA) has followed the rise of Bitcoin (BTC), going up by 1.45%.
On the hourly chart, Cardano (ADA) is about to break the recently formed support level at $0.5071. If bears fix the rate below it, the fall may continue and lead to the test of the $0.5040 area by the end of the day.
On the daily time frame, the situation is neither bullish nor bearish as Cardano (ADA) is located far away from its vital levels. Bulls may continue the rise only when the altcoin fixes above the $0.52 mark.
Sideways trading remains the most likely scenario on the daily chart as well. The absence of buyers and sellers is also confirmed by low volumes. At the moment, one needs to pay attention to the nearest resistance level at $0.5472. If a breakout occurs, bulls might seize the midterm initiative.
ADA is trading at $0.5075 at press time.Source