Bears Continue Pressure

Bears continue their pressure after a slight bounce back, according to CoinMarketCap.

ADA/USD

The rate of Cardano (ADA) has declined by almost 1% over the last day.

On the hourly chart, the price of ADA might have set a local resistance of $0.7299. If the daily bar closes around that mark or above it, growth is likely to continue to the $0.74 range.

On the bigger time frame, the rate of ADA is within yesterday’s daily bar, which means none of the sides has seized the initiative yet.

Thus, the volume keeps falling, indicating that sideways trading in the range of $0.70-$0.75 is the more likely scenario.

From a midterm viewpoint, the situation is neutral. The rate is far from main levels, confirming the absence of buyers’ and sellers’ energy. All in all, consolidation around the current prices is the most likely scenario.

ADA is trading at $0.7210 at press time.