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A further drop continues on the market after a slight bounce off, according to CoinStats.
The rate of Cardano (ADA) is unchanged over the last 24 hours.
On the hourly time frame, the price of ADA is closer to the support than to the resistance, which means that sellers are more powerful to a certain extent. If buyers lose the $0.47 mark, one can expect a support breakout, followed by a drop to the $0.46-$0.4650 zone.
A less clear picture is seen on the daily chart. Until the rate is above the support level of $0.4643, buyers have chances for a bounce back.
However, one should not expect a fast recovery as ADA has not accumulated enough power yet. In this case, sideways trading between $0.47 and $0.49 is the more likely scenario for the next few days.
From the midterm point of view, one should wait until the bar closes. If it happens far from the support, traders may witness a local rise to the $0.50 zone.
ADA is trading at $0.4733 at press time.
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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