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Bulls could not hold the initiative at the beginning of the weekend, and most of the coins are back in the red zone.
ADA/USD
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.
Arman Shirinyan
Yuri Molchan
Vladislav Sopov
Dan Burgin