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Bulls do not seem ready yet to seize the initiative in the long-term, according to CoinStats.
ADA/USD
Cardano (ADA) is one of the biggest losers today, going down by 6%.
On the hourly chart, the price of ADA is in the middle of the local channel, between the support of $0.7931 and the resistance of $0.8392.
Denys SerhiichukHowever, if bulls cannot restore the rate above the interim mark of $0.82, one can expect a decline to the $0.80 range.
On the bigger time frame, the picture is more bearish than bullish. If the breakout of the $0.80 area happens, traders may witness a test of the support level of $0.7576 soon.
From the midterm point of view, buyers have failed to keep the rise after the bullish closure. If the weekly candle closes around current prices or below, the correction is likely to continue to the $0.60 area.
ADA is trading at $0.8173 at press time.
Vladislav Sopov
Dan Burgin