The cryptocurrency market might have found the local bottom, as the rates of most of them are going down.
ADA/USD
Cardano (ADA) is not an exception to the rule, falling by 7.64% over the last 24 hours.
Despite the growth, Cardano (ADA) has bounced off the local support level at $0.3481, which means that buyers might seize the initiative. If the rate reaches the $0.37 mark, the breakout of the resistance at $0.3749 might happen soon.
On the daily chart, Cardano (ADA) has made a false breakout of yesterday's low at $0.3463. However, if the daily candle closes near the $0.35 mark, one can expect a further downward move to the next zone at $0.34.
On the bigger chart, Cardano (ADA) has approached the support level at $0.3490.
If buyers cannot restore the price by the end of the week, traders might see a sharp drop, as the energy for that has been accumulated.
ADA is trading at $0.3556 at press time.
Alex Dovbnya
