The weekend has started neutrally for the cryptocurrency market, according to CoinMarketCap.
ADA/USD
The price of Cardano (ADA) has dropped by 1% over the last 24 hours.
On the hourly chart, the rate of ADA has fixed below the local support level of $0.4789. If the situation does not change by the end of the day, the decline may continue to the $0.47 area tomorrow.
Bulls could not maintain the rise after yesterday’s bullish closure. The volume is low, which means buyers are not ready to seize the initiative yet.
In this case, there is still a chance of a correction to the $0.46-$0.47 area next week.
From the midterm point of view, one should pay attention to the weekly bar closure in terms of the nearest level of $0.4759. If it happens above, the upward move may lead to a test of $0.50 by the end of the month.
ADA is trading at $0.4779 at press time.
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