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Even though bulls keep controlling the situation on the market, the prices of some coins are falling today, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has increased by 0.23% over the last 24 hours.
Despite today's rise, the rate of ADA is looking bearish on the hourly chart. At the moment, it is testing the local support level of $0.7390. If the daily bar closes near it or below, the drop may continue to $0.73 tomorrow.
On the bigger time frame, the picture is not so clear yet as the price is far from the support and resistance levels. As none of the sides has seized the initiative yet, sideways trading in the area of $0.73-$0.76 is the more likely scenario until the end of the week.
From the midterm point of view, the rate of ADA has once again bounced off the level of $0.7638, which means that the coin might need more time to accumulate energy for a further move. In this case, traders might expect consolidation around the $0.75 area.
ADA is trading at $0.7412 at press time.
Alex Dovbnya
Dan Burgin
Vladislav Sopov