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Even though some coins are in the green zone, the market is mainly controlled by sellers today, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has declined by 1% over the last 24 hours.
On the hourly chart, the price of ADA is looking bearish as it is near the local support of $0.8203. If a breakout happens, the decline is likely to continue to the $0.8150 mark.
On the bigger time frame, the picture is neutral as neither bulls nor bears are controlling the situation on the market.
Thus, the volume is low, which means increased volatility is unlikely to happen over the next few days.
From the midterm point of view, the rate of ADA is far from the key levels. In this case, one should focus on the vital zone of $1. While the price is below that mark, traders may see a correction. However, if the weekly candle closes above $1, the accumulated energy might be enough for a move to the $1.1-$1.20 zone.
ADA is trading at $0.8255 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team