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The market has quickly changed to red on the last day of the week, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has fallen by 6.36% since yesterday. Over the last week, the price has risen by 5%.
On the hourly chart, the price of ADA is near the local support of $0.8851. If the daily candle closes near that mark or below, the fall is likely to continue to the $0.87 zone.
On the bigger time frame, bears are trying to seize the initiative. At the moment, one should focus on the bar closure in terms of the $0.8825 level.
If a breakout happens, there are high chances of an ongoing correction to the $0.84-$0.86 zone.
From the midterm point of view, the price of ADA is far from the main levels. In this case, one should pay attention to the vital zone of $1. If a breakout happens, there is a possibility of a test of the next resistance of $1.1662.
ADA is trading at $0.8836 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team