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Bears are not going to give up so easily as the rates of most of the coins are still falling.
ADA/USD
The rate of Cardano has dropped by 0.60% over the last 24 hours.
On the hourly chart, the price of Cardano (ADA) has made a false breakout of the support level at $0.4113. Currently, one should pay attention to the daily closure.
Denys SerhiichukIf buyers can seize the lost initiative, there is a chance to see a return to the resistance at $0.42.
On the bigger time frame, the rate of Cardano (ADA) has once again bounced off the support level at $0.4098. The volume keeps declining, which means that buyers are not ready to buy the altcoin at the moment. In this case, there is a high chance of seeing a breakout, followed by a sharp drop to the $0.40 zone.
On the daily chart against Bitcoin (BTC), the rate of Cardano (ADA) is going down after a failed attempt to fix above the 0.000015 zone. If a test of the 0.000014 happens, there is a possibility of seeing a further decrease to the 0.000013-0.0000135 area by the end of the month.
ADA is trading at $0.4162 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin