Cardano (ADA) Prediction for August 3

The rates of most cryptocurrencies keep going down, according to CoinStats.

ADA/USD

Cardano (ADA) is an exception, rising by 1.84% over the past day.

On the hourly chart, the price of ADA might have found a local resistance level of $0.3730. If the decline continues, there is a possibility of a test of the $0.36 zone soon.

On the bigger time frame, one should pay attention to the bar closure in terms of yesterday’s candle low. If it happens near it, the breakout may lead to a further decline to the $0.34 area.

Such a scenario is relevant until the end of next week.

On the weekly chart, the picture is also bearish. If the candle closes around the current prices, one can witness a test of the nearest support level of $0.3165 soon.

ADA is trading at $0.3658 at press time.

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