The majority of the cryptocurrencies have returned to the red zone, according to CoinStats.
ADA chart by CoinStatsADA/USD
The price of Cardano (ADA) has declined by 2.15% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of ADA has bounced off the local support level of $0.4180. If the situation does not change, one can expect a test of the resistance by tomorrow.
Image by TradingView
A different situation can be seen on the daily time frame. Bears still remain more powerful than bulls as the rate is near the interim zone of $0.42. If the candle closes near it, traders may witness an ongoing correction to the $0.40 range.
Image by TradingView
From the midterm point of view, bulls have failed to keep the growth after a bullish bar closure.
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If the weekly bar closes far from $0.45, sellers may return the rate to the $0.40 zone.
ADA is trading at $0.4264 at press time.
