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The prices of most of the coins are facing a correction after a sharp price blast, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has declined by 4.79% over the last day.
On the hourly chart, the price of ADA might have set a local support level of $0.4746. However, there are low chances to expect any sharp moves by the end of the day, as most of the ATR has been passed.
Denys SerhiichukIn this case, sideways trading around the $0.48 mark is the most likely scenario.
On the bigger time frame, the fall continues after yesterday's bearish closure. At the moment, there are no reversal signals yet, which means the drop may lead to the test of $0.46 shortly.
From the midterm point of view, the price of ADA has bounced off the $0.50 zone. However, buyers still have time until the end of the week to seize the initiative. If they manage to do that, growth may continue to the resistance of $0.5225.
ADA is trading at $0.48 at press time.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team