Bears have seized the initiative on the market as buyers have failed to keep the growth after yesterday's rally.
Top coins by CoinMarketCap
ADA/USD
Cardano (ADA) is more of a loser than Bitcoin (BTC) as its rate has declined by almost 4% over the last 24 hours.
ADA/USD chart by Trading View
The short-term decline is about to finish soon as the altcoin is coming closer to the local support at $1.7235 where buyers can show their power. The following scenario is relevant until the end of today.
ADA/USD chart by Trading View
On the 4H chart, the decline may be even deeper, to the level of $1.70. However, there is little chance that sellers can break it as the trading volume is going down. In this case, the bounceback to the zone of the most liquidity around $1.80 is the more likely scenario for the upcoming days.
ADA/USD chart by Trading View
Until Cardano (ADA) remains trading above $1.70, the scenario is bullish. At the moment, buyers need to get more energy after sharp growth.
In this case, consolidation in the narrow range between $1.70 and $1.80 can occur by the end of the current week.
Cardano is trading at $1.7424 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.