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The cryptocurrency market is trading sideways as some coins are trading in the red zone, while others are in the green.
ADA/USD
The price of Cardano (ADA) has risen by 0.15% over the last 24 hours.
On the hourly chart, the rate of Cardano (ADA) is trading within a narrow channel, between the support at $0.2516 and the resistance at $0.2536.
At the moment, the price is on its way to the bottom line, which means that there are high chances to see a drop to the $0.25 zone soon.
On the daily time frame, the situation is worse as bulls are not ready for growth after the false breakout of the support level at $0.2488. If the candle closes near it, one can expect a sharp drop to the $0.2460 mark.
A similar situation can be seen on the chart against Bitcoin (BTC). The price has broken the 0.000015 mark, which means that the rate has not found the local bottom yet. Respectively, the decline may continue to the recently formed support at 0.00001478.
ADA is trading at $0.2495 at press time.
Vladislav Sopov