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Bulls could withstand the bears' pressure as most of the coins have come back to the red zone.
ADA/USD
The rate of Cardano (ADA) has declined by 1.75% over the last 24 hours.
On the hourly chart, the price of ADA might have found a local support level of $0.2476. At the moment, one should pay attention to the daily bar closure.
Denys SerhiichukIf it happens above that mark, buyers can seize the initiative, which might lead to a bounce back to the $0.25 area.
A completely opposite picture can be seen on the daily time frame, as the rate remains in the middle of the narrow channel. As none of the sides has seized the initiative yet, ongoing consolidation in the range of $0.2450-$0.2550 is the more likely scenario until the end of the week.
On the bigger chart, bears continue their pressure as the price is near the support level of $0.2380. If the weekly candle closes below $0.24, there is a high possibility of seeing a support breakout.
ADA is trading at $0.2481 at press time.
Alex Dovbnya
Vladislav Sopov
Dan Burgin