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All top 10 cryptocurrencies remain in the red zone, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has fallen by 1% over the past day.
On the hourly chart, the price of ADA is going up after a false breakout of the local support at $0.2934. If the bar closes above the resistance, traders may expect an ongoing upward move to the $0.31 zone tomorrow.
On the longer time frame, one should pay attention to the candle's closure in terms of the $0.2992 level. If the bar closes above that mark and with a short wick, there is a chance to see a test of the $0.31-$0.32 zone over the next few days.
From the midterm point of view, the situation remains bearish as the rate of ADA has not bounced off far from the support at $0.2756.
If sellers' pressure continues and the breakout of the mentioned level happens, the accumulated energy might be enough for a more profound drop to the $0.25 area.
ADA is trading at $0.2999 at press time.
Denys Serhiichuk
Tomiwabold Olajide
Gamza Khanzadaev