Bears have seized the initiative on the market as buyers have failed to keep the growth after yesterday’s rally.
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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.