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The market has not found the local bottom yet as the rates of most of the coins are going down.
ADA/USD
Cardano (ADA) is one of the biggest losers from the list, falling by 4.25%.
Despite the fall, Cardano (ADA) is trading near the local resistance level at $0.3536 against the increased volume, which means that buyers are not going to give up so easily. If they can hold the initiative, the breakout of the mentioned mark may lead to a price blast to the $0.36 zone.
On the daily time frame, the price of Cardano (ADA) has made a false breakout of the support at $0.3469. In this case, the more likely scenario is consolidation in the range of $0.3550-$0.36, so the altcoin can accumulate more energy for a further move as none of the sides is controlling the situation at the moment.
On the daily chart, against Bitcoin (BTC), Cardano (ADA) keeps trading in the middle of the channel against declining volume. Likewise, one should expect sharp moves soon, which means that the coin needs more time to get strength for either growth or decline. All in all, traders will see ADA in the area of 0.000016-0.00001650 until the end of the week.
ADA is trading at $0.3526 at press time.
Vladislav Sopov
Godfrey Benjamin
U.Today Editorial Team
Dan Burgin