The cryptocurrency market is facing a correction on the last day of the week as most coins are in the red zone.
Cardano (ADA) lost a lot of value today, down 3.15%.
On the hourly chart, Cardano (ADA) price broke the local support level at $0.3940. For now, traders should be careful of this mark. If nothing changes, the decline may continue shortly to the $0.38 area.
On the daily time frame, the bears may have locally taken the lead as the rate broke through the all important $0.40 mark. As long as the price is below, there is more chance to see a further decline.
From another perspective, ADA is located in the middle of the channel, which means that the most likely scenario is trading sideways in the tight $0.39-$0.40 range.
On the weekly chart, the candle is about to close away from key levels, which means the altcoin hasn’t built up enough power for another move. This is why the price of Cardano (ADA) is expected to be near the $0.40 mark next week.
ADA is trading at $0.3927 at press time.