The market has switched to red today, according to CoinMarketCap.

ADA/USD

Cardano (ADA) is one of the biggest losers today, falling by 7%.

On the hourly chart, the rate of ADA is closer to the support than to the resistance level. If bears’ pressure continues, one can expect a test of the $0.68 zone by tomorrow.

On the bigger time frame, the price of ADA is far from key levels. In this case, one should focus on the interim zone of $0.70. 

If its breakout happens, the accumulated energy might be enough for a continued decline to the $0.65 area.

From the midterm point of view, there are no reversal signals yet. If the weekly bar closes around the current prices or below, there is a possibility of seeing a test of the $0.55-$0.65 range shortly.

ADA is trading at $0.7024 at press time.