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The ongoing correction remains the most likely scenario for most of the coins, according to CoinStats.
ADA/USD
Cardano (ADA) is one of the biggest losers today, falling by 9.3%.
On the hourly chart, the price of ADA might have set a local support at $0.4998. If the daily bar closes far from that mark, there is a chance to see a test of the resistance by tomorrow.
On the longer time frame, there are no reversal signals so far. In this case, one should focus on the nearest zone of $0.50.
If the daily bar closes below it, the decline may continue to the $0.48 range. Such a scenario is relevant until the end of the week.
From the midterm point of view, the rate of ADA keeps going down after a false breakout of the resistance of $0.6884. If the weekly bar closes around the current prices or below, one can expect a test of the $0.4158 level soon.
ADA is trading at $0.5128 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team