Cardano (ADA) Price Analysis for February 9
The majority of the coins need more time to get power to keep the rise, according to the CoinMarketCap data.
ADA/USD
Cardano (ADA) is one of the biggest losers today, falling by 2.40%.
On the hourly time frame, the price of Cardano (ADA) has reached the local resistance at $0.3891. However, the rate has not fixed above it yet. If the buyers can keep their pressure and the candle closes with no wicks, the accumulated energy might be enough for a breakout, followed by an impulse to the $0.3950 zone.
On the daily chart, the price is locating in the middle of the channel, which means one should not expect any sharp moves soon. Likewise, the more likely scenario is sideways trading in the area of $0.38-$0.40 until mid-February.
The weekly time frame tells us almost the same things: Cardano (ADA) is not ready yet for any midterm moves, and the falling volume confirms that.
If buyers want to restore the lost initiative, they need to get the rate back to the important zone of $0.40.
ADA is trading at $0.3871 at press time.
