Sellers keep their pressure as the prices of most of the coins are falling, according to CoinMarketCap.
Top coins by CoinMarketCap
ADA/USD
The rate of Cardano (ADA) has dropped by almost 2% over the last day.
Image by TradingViewOn the hourly chart, the price of ADA is in the middle of the narrow channel. As none of the sides is dominating, ongoing sideways trading in the zone of $0.4220-$0.4230 is the more likely scenario until the end of the day.
Image by TradingViewOn the daily time frame, bears are more powerful than bulls. If buyers lose the $0.42 zone, the drop may lead to the test of the $0.40-$0.41 range soon.
Image by TradingViewFrom the midterm point of view, there are also no reversal signals yet. If the weekly candle closes near the support level, the accumulated energy might be enough for a blast to the $0.38 area.
Such a scenario is relevant until the end of the month.
ADA is trading at $0.4213 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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