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Bulls could not keep yesterday's rise going, according to CoinMarketCap.
ADA/USD
Cardano (ADA) is one of the biggest losers today, falling by 5.54%.
On the hourly chart, the rate of ADA has made a false breakout of the local support of $0.8893. As most of the daily ATR has been passed, there are low chances of seeing sharp moves by tomorrow.
However, if the candle closes around the current prices, the correction may continue to the $0.86-$0.88 zone.
On the longer time frame, the picture is bearish. The price of ADA is testing the support of $0.9011. If its breakout occurs, the accumulated energy might be enough for a more profound decline to the $0.86 mark.
From the midterm point of view, the rate of ADA is far from key levels. In this case, one should pay attention to the nearest zone of $1. If the weekly bar closes above it, growth may lead to a test of the $1.20 range.
ADA is trading at $0.9008 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team