Bears are keeping the pressure on as all of the top 10 coins are in the red zone.
ADA/USD
The rate of Cardano (ADA) has dropped by 3.11% over the last 24 hours.
Despite a sharp drop today, the rate of Cardano (ADA) might have found the local support level at $0.3355. Until the price is above it, buyers have a chance to bounce back. Furthermore, closure near the formed resistance at $0.3395 can create a blast to the $0.3440 zone.
On the daily time frame, the rate of Cardano (ADA) has made a false breakout of the support at $0.3237 against the increased volume. However, it is too early to think about a reversal.
In this case, the more likely scenario is sideways trading in the range of $0.33-$0.35 until mid-March.
A similar situation can be seen on the weekly chart. At the moment, one should pay attention to the bar's closure. If it happens near the $0.3237 support level, the drop may continue to the crucial zone of $0.30 and below.
ADA is trading at $0.3383 at press time.
Alex Dovbnya
