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After a continued fall, the market is still weak, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has declined by 1.06% over the last 24 hours.
On the hourly chart, one should pay attention to the daily bar's closure in terms of the local resistance level of $0.4329. If the candle closes near it or above, buyers have a chances to bounce back to the $0.44 zone.
Buyers are trying to seize the initiative after yesterday's bearish closure. If they manage to do it and the bar closes around the current prices, traders may witness a test of $0.44 soon.
A less clear picture can be seen on the bigger time frame as neither buyers nor sellers have accumulated energy for a further move. This is confirmed by falling volume.
Denys SerhiichukIn this case, sideways trading in the zone of $0.42-$0.44 is the more likely scenario for the next few weeks.
ADA is trading at $0.4326 at press time.
Godfrey Benjamin
Arman Shirinyan
