Bulls could not keep the gained initiative until the end of the day, and most coins are again in the red zone.
ADA/USD
Cardano (ADA) could not withstand bears' pressure, going down by 0.18%.
Cardano (ADA) is coming back to the local support level at $0.4599, which means that there is a high chance to see a further drop. In this case, the drop can continue to the mark of $0.45.
On the daily time frame, nothing is crucial is hapenning as the price is located in the middle of the channel, between the support at $0.4347 and the resistance at $0.4726.
Likely, ongoing sideways trading is the more likely scenario for the next few days.
On the bigger chart, Cardano (ADA) is bearish as bulls could not restore the price to the $0.50 mark and above. From another point of view, the rate is above $0.40, which means that it is too early to consider a further drop. All in all, consolidation between $0.46 and $0.47 is a more probable price action.
ADA is trading at $0.4618 at press time.
Yuri Molchan
Tomiwabold Olajide