u.today 01 October 2024 16:01, UTC

The correction continues on the market, according to CoinMarketCap.

ADA/USD

The rate of Cardano (ADA) has fallen by 2.12% over the last 24 hours.

On the hourly chart, the price of ADA has come back to the local support level of $0.3745. If the daily bar closes near it, one can expect a breakout, followed by a move to the $0.37 zone and below.

On the bigger time frame, sellers’ pressure remains relevant. If the breakout of the interim zone of $0.37 happens, traders may witness a more profound drop to the $0.36-$0.3650 area by the end of the week.

From the midterm point of view, bulls could not keep the growth going after the previous bullish candle closure.

If buyers want to get back in the game, they need to restore the rate above the $0.40 range.

ADA is trading at $0.3750 at press time.