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The market is neither bullish nor bearish today, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has fallen by 0.32% over the past day.
On the hourly chart, the price of ADA has made a false breakout of the local support of $0.7853. If the bounce back does not happen, one can expect an ongoing drop to the $0.78 zone.
On the longer time frame, none of the sides is dominating as the rate is in the middle of the channel, between the support of $0.7542 and the resistance of $0.8295.
As neither buyers nor sellers have seized the initiative, ongoing sideways trading around current prices is the more likely scenario over the next few days.
From the midterm point of view, the situation is similar. In this case, one should focus on the interim level of $0.75. If its breakout occurs, traders may witness a test of the support of $0.7105 soon.
ADA is trading at $0.7890 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team