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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.
Denys SerhiichukIn 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.
Gamza Khanzadaev
Vladislav Sopov
Dan Burgin