The cryptocurrency market is experiencing pressure on many altcoins, including Cardano (ADA). This article examines the current state of the currency and offers forecasts for the near future.
Current Situation of Cardano
Cardano (ADA) is among the biggest losers today, showing a decline of 2.59%.
Chart Analysis and Support Levels
On the hourly chart, the rate of ADA has bounced off the local support of $0.5999. If the daily bar closes far from that mark, there is a chance to test the resistance by tomorrow. However, on larger time frames, the situation remains bearish as the price of the altcoin is near support level. Thus, the volume remains low, indicating that buyers are not yet ready to take the initiative.
Future Predictions
If a breakout occurs, the accumulated energy might be sufficient for a move to the $0.58 zone. From a midterm perspective, the rate of ADA is breaking the support of $0.6153. If the weekly bar closes below that mark, traders may witness an ongoing decline to the $0.55 area.
At present, ADA is trading at $0.6049. Traders are monitoring the market for further developments and keeping an eye on support levels.
