Cardano (ADA) Price Analysis for February 11

The weekend has started with an ongoing correction on the market as the majority of the coins are in the red zone.

ADA/USD

The rate of Cardano (ADA) has declined by 0.39% over the last 24 hours.

On the hourly chart, the rate of Cardano (ADA) is accumulating power in the narrow channel between the support at $0.3585 and the resistance at $0.3620. Currently, neither side has seized the initiative. However, if the price can reach the upper level, the breakout may lead to a test of the $0.3650 mark soon.

On the daily time frame, Cardano (ADA) has fixed above the support level at $0.3543 formed by its false breakout. If buyers can hold the gained initiative and keep the rate above the $0.36 zone, the growth may continue to the nearest resistance around $0.37. Such a scenario is relevant until the end of next week.

On the weekly chart, the situation is less positive as the price is located below the low at $0.3652. If nothing changes by the time the candle closes, the correction may lead to a test of the $0.34 mark.

ADA is trading at $0.3605 at press time.

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