Bulls could not hold the initiative at the beginning of the weekend, and most of the coins are back in the red zone.
The rate of Cardano (ADA) has declined by 0.52% over the last 24 hours.
On the hourly chart, Cardano (ADA) has started the day with a false breakout of the local support level at $0.3110. However, the price has failed to break the resistance at $0.3134. If the rate cannot be fixed above that mark by the end of the day, the fall may continue to $0.31 tomorrow.
The situation has not changed so far on the daily time frame, as the price keeps accumulating power for a further sharp move. The rate is located in the middle of the wide channel between the support at $0.2953 and the resistance at $0.3265. As the price is far from these levels, continued sideways trading in the range of $0.3050-$0.3150 is the more likely scenario for the upcoming week.
The weekly chart paints a similar picture. If buyers want to seize the initiative, they need to bring the rate back above the $0.32 zone. In this way, traders could expect a short-term bull run.
ADA is trading at $0.3132 at press time.