Cardano (ADA) Price Analysis for February 19

The market is trading sideways on the last day of the week, according to CoinMarketCap’s ranking.

ADA/USD

The rate of Cardano (ADA) keeps rising, going up by 1.37% over the last 24 hours.

Despite today’s rise, the price of Cardano (ADA) might have found local resistance at the $0.4078 mark. If buyers cannot break that point by the end of the day, a rollback may happen to the middle of the channel, around the $0.4050 zone.

On the daily time frame, the price of Cardano (ADA) is returning to the resistance level formed by the false breakout.

If the candle closes with no long wicks, the rate may move upward to the $0.42 zone next week.

A similar situation is on the weekly chart as bulls have managed to seize the initiative after the bearish candle. Thus, the buying volume is rising, which means that there is a chance to see continued growth to the nearest resistance at $0.4377 by the end of the month.

ADA is trading at $0.4066 at press time.

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