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More and more coins are coming back to the red zone, according to CoinStats.
ADA/USD
The price of Cardano (ADA) has declined by 1.69% over the last 24 hours.
On the hourly chart, the rate of ADA is coming back to the local support of $0.6578. If bulls cannot seize the initiative, one can expect a level breakout, followed by a further drop to the $0.6550 mark.
On the longer time frame, the price of ADA remains bearish as the rate has not bounced off from a false breakout of the resistance of $0.6877.
As there are no reversal signals yet, the ongoing correction remains the most likely scenario until the end of the week.
From the midterm point of view, bears are also more powerful than bulls. As the rate is far from key levels, one should pay attention to the nearest zone of $0.70. If its breakout occurs, one can expect an upward move to the $0.75-$0.80 range.
ADA is trading at $0.6626 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team