Cardano (ADA) Price Prediction for February 7

Bulls have failed to seize the initiative today, according to CoinMarketCap.

ADA/USD

The rate of Cardano (ADA) has declined by 2.51% over the last day.

On the hourly chart, the price of ADA has made a false breakout of the local resistance of $0.7344. If the fall continues, one can expect a test of the $0.71 range by tomorrow.

On the bigger time frame, the rate of ADA is far from the main levels. In this case, one should focus on the nearest area of $0.70. If its breakout occurs, the accumulated energy might be enough for a more profound drop to the $0.65 range.

From the midterm point of view, none of the sides is dominating, as the price is far from the key levels.

If the weekly bar closes around current prices, traders may witness sideways trading in the zone of $0.65-$0.75.

ADA is trading at $0.7281 at press time.

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