Bulls Not Ready to Seize Initiative

According to CoinStats, bulls do not seem prepared to take charge in the long term.

ADA/USD

Cardano (ADA) is among the biggest losers today, declining by 6%.

On the hourly chart, ADA’s price is in the middle of the local channel, sitting between support at $0.7931 and resistance at $0.8392.

If bulls fail to push the price above the interim mark of $0.82, a decline to the $0.80 range may follow.

On a larger time frame, the trend appears more bearish than bullish. A breakout below $0.80 could lead traders to test the support level at $0.7576.

From a midterm perspective, buyers could not sustain the rise after the bullish closure. If the weekly candle closes at current prices or below, a correction to the $0.60 area is likely.

As of now, ADA is trading at $0.8173.