Bulls could not keep the gained initiative until the end of the day, and most coins are again in the red zone.
Cardano (ADA) could not withstand bears’ pressure, going down by 0.18%.
Cardano (ADA) is coming back to the local support level at $0.4599, which means that there is a high chance to see a further drop. In this case, the drop can continue to the mark of $0.45.
On the daily time frame, nothing is crucial is hapenning as the price is located in the middle of the channel, between the support at $0.4347 and the resistance at $0.4726.
Likely, ongoing sideways trading is the more likely scenario for the next few days.
On the bigger chart, Cardano (ADA) is bearish as bulls could not restore the price to the $0.50 mark and above. From another point of view, the rate is above $0.40, which means that it is too early to consider a further drop. All in all, consolidation between $0.46 and $0.47 is a more probable price action.
ADA is trading at $0.4618 at press time.