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Bulls have failed to keep growing, and most of the coins are again in the red area, according to CoinStats.
ADA/USD
The price of Cardano (ADA) has declined by more than 10% over the past day.
On the hourly chart, the rate of ADA is near the local support of $0.4117. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
However, if the bounce back does not happen by the end of the day, traders can expect a further correction to the $0.40 zone.
On the longer time frame, one should pay attention to the nearest level of $0.4091. If it breaks out, the accumulated energy might be enough for an ongoing decline to the $0.37-$0.40 zone.
From the midterm point of view, the current wick is closing bearish; however, a few days are left until the end of the week. If buyers cannot seize the initiative, there is a high chance of seeing a level breakout, followed by a test of the $0.35 mark.
ADA is trading at $0.4161 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team