Bears seem like they are not going to give up as the coins keep trading in the red zone.
ADA/USD
Cardano (ADA) could not withstand the overall bearish trend, losing 3.50% of its price since yesterday.
On the hourly chart, Cardano (ADA) is fighting for the vital level of $1. The selling volume is going down, which means that bears are lacking energy to keep the pressure up. In this case, there is a chance to see a local bounceback shortly to the area of $1.01.
On the bigger time frame, Cardano (ADA) is going down after a false brekaout of the major liquidity zone at $1.069 that serves as the resistance. The trading volume is going up, which means that the drop may not have ended yet.
In this regard, the rate of ADA has a good chance to test the resistance at $0.917 once again.
On the weekly chart, bulls are losing the area of $1, which is crucial in terms of long-term growth.
If the bears keep the pressure and the candle fixes near $0.917, one can expect one more sharp drop to $0.810 shortly.
ADA is trading at $0.987 at press time.
Alex Dovbnya
Tomiwabold Olajide