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Sellers keep their pressure as the prices of most of the coins are falling, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has dropped by almost 2% over the last day.
On the hourly chart, the price of ADA is in the middle of the narrow channel. As none of the sides is dominating, ongoing sideways trading in the zone of $0.4220-$0.4230 is the more likely scenario until the end of the day.
On the daily time frame, bears are more powerful than bulls. If buyers lose the $0.42 zone, the drop may lead to the test of the $0.40-$0.41 range soon.
From the midterm point of view, there are also no reversal signals yet. If the weekly candle closes near the support level, the accumulated energy might be enough for a blast to the $0.38 area.
Denys SerhiichukSuch a scenario is relevant until the end of the month.
ADA is trading at $0.4213 at press time.
Arman Shirinyan
Dan Burgin
Alex Dovbnya