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Even though bulls remain more powerful than bears, some cryptocurrencies have returned to the red zone.
ADA/USD
Cardano (ADA) is the biggest loser among the top 10 coins. The rate of the altcoin has dropped by 4.24% over the past 24 hours.
On the hourly time frame, Cardano (ADA) is coming back to the recently formed local support level at $1.10. If the bears' pressure continues and the rate fixes below it, the decline may continue to $1.085 by the end of the day.
On the bigger chart, Cardano (ADA) could not fix above the mark of $1.15 from the first attempt. In this regard, the more likely scenario is a further price drop to the nearest support level at $1.076. Such a scenario is relevant until the end of the upcoming week.
From the long-term point of view, Cardano (ADA) has run out of power for the further growth as bulls need more time to accumulate energy to keep the bullish trend going. That is why one can expect a slight correction to the zone of $0.90-$1, followed by a bounceback.
ADA is trading at $1.111 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin