Cardano （ADA） is facing a bearish trend, with sellers dominating the market and the price likely to drop further.
Points
- ADA has fallen by 2.63% since yesterday.
- Bears are controlling the market on both hourly and daily charts.
- If the price falls below $0.40, it may test the $0.35 mark.
- ADA is currently trading at $0.40.
The price of Cardano （ADA） has dropped by 2.63% since yesterday, indicating a bearish trend. On the hourly chart, ADAUSD shows that the bears are in control. If the downward pressure continues, the price may further decline to the $0.39 range.
On the daily time frame, ADA is likely to close far from its peak or low, suggesting minimal sharp moves by the end of the week. From a midterm perspective, bears dominate the market. If the price falls below the critical $0.40 zone, it is likely to test the $0.35 mark.
At press time, ADA is trading at $0.40.
Explanation
- The current bearish trend in ADA is evident from the consistent decline in its price.
- The hourly and daily charts highlight the dominance of sellers in the market.
- Key support and resistance levels provide insights into potential price movements.
- Understanding these trends helps investors make informed decisions about entering or exiting the market.
