Cardano (ADA) Price Prediction for March 8

The market might not have faced a peak yet, according to CoinMarketCap.

ADA/USD

The rate of Cardano (ADA) has increased by 0.55% over the last 24 hours.

On the hourly chart, the price of ADA is looking bearish as it is coming back to the local support level of $0.7292. If the situation does not change by the end of the day, one can expect a breakout, followed by a move to the $0.72 zone.

A less clear picture appears on the bigger time frame. The volume has declined, which means that none of the sides is ready for a further sharp move.

In this case, consolidation in the area of $0.72-$0.76 is the more likely scenario for the next few days.

On the weekly chart, traders should pay attention to the bar’s closure in terms of the $0.68 level. Until the price is above that mark, bulls remain more powerful than bears. All in all, the midterm growth may continue to the $0.80 zone and above.

ADA is trading at $0.7309 at press time.

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