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The last day of the week is supposed to be bearish for the cryptocurrency market as the rates of most of the coins are falling.
Top coins by CoinMarketCap
ADA/USD
The price of Cardano (ADA) has fallen by 1.13% over the last 24 hours.
Image by TradingView
On the hourly chart, the price of Cardano (ADA) is in the middle of the local channel, accumulating energy for a further move. If the growth continues to the interim level of $0.2660, there is a chance to see a test of the $0.27 zone tomorrow.
Image by TradingView
On the bigger time frame, the situation is less bullish as the rate keeps trading sideways. The volume is also low, which means that none of the sides is ready for a sharp move.
Respectively, ongoing consolidation in the range of $0.26-$0.27 is the more likely scenario for the next few days.
Image by TradingView
From the midterm point of view, traders should focus on the bar closure. If it happens above the previous candle low, there is a chance to see a bounce back, followed by a correction to the $0.28 area.
ADA is trading at $0.2626 at press time.
Yuri Molchan
Tomiwabold Olajide
Godfrey Benjamin
