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Are there any prerequisites to see mid-term growth by Cardano (ADA)?
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Even though bulls remain more powerful than bears, some cryptocurrencies have returned to the red zone.
Cardano (ADA) is the biggest loser among the top 10 coins. The rate of the altcoin has dropped by 4.24% over the past 24 hours.
On the hourly time frame, Cardano (ADA) is coming back to the recently formed local support level at $1.10. If the bears’ pressure continues and the rate fixes below it, the decline may continue to $1.085 by the end of the day.
On the bigger chart, Cardano (ADA) could not fix above the mark of $1.15 from the first attempt. In this regard, the more likely scenario is a further price drop to the nearest support level at $1.076. Such a scenario is relevant until the end of the upcoming week.
From the long-term point of view, Cardano (ADA) has run out of power for the further growth as bulls need more time to accumulate energy to keep the bullish trend going. That is why one can expect a slight correction to the zone of $0.90-$1, followed by a bounceback.
ADA is trading at $1.111 at press time.
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