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The weekend is ending bearish for the market, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has declined by 3.87% since yesterday.
On the hourly chart, the price of ADA is looking bullish as it is approaching the local resistance level at $0.6829. If buyers can hold the gained initiative, there is a chance of a breakout followed by a move to $0.70 tomorrow.
On the bigger time frame, the rate of the altcoin has bounced off the $0.65 area. However, it is too early to think about a further midterm rise as ADA has not accumulated enough energy for that.
In this case, sideways trading in the area of $0.65-$0.70 is the more likely scenario for next week.
On the weekly chart, the price of ADA keeps falling after a failed attempt to fix above the $0.08 zone. Thus, the selling volume has increased, which means that bears' pressure might not be finished yet. Respectively, there is still a chance of a test of $0.60 soon.
ADA is trading at $0.6735 at press time.
Arman Shirinyan
Yuri Molchan
Godfrey Benjamin
