Bears keep controlling the situation on the market as the rates of most of the coins keep falling.
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ADA/USD
The rate of Cardano (ADA) has declined by 2.15% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of Cardano (ADA) is neither bullish nor bearish as the price is far from key levels. In addition, most of the daily ATR has been passed. In this case, sideways trading in the area around $0.3040 is the more likely scenario until tomorrow.
Image by TradingView
On the daily chart, the price of Cardano (ADA) has made a false breakout of the $0.2950 zone. Currently, traders should focus on the bar closure. If the bears' pressure continues and the candle closes below the $0.30 area, the correction may continue to $0.29.
Image by TradingView
Sideways trading is also the more likely scenario on the daily chart against BTC. The rate has not accumulated enough energy for a sharp move, which means there are low chances of seeing either a rise or fall soon.
All in all, traders might witness ongoing consolidation between 0.00001040 and 0.00001080 within the next few days.
ADA is trading at $0.3034 at press time.
Gamza Khanzadaev
Godfrey Benjamin
Arman Shirinyan