Bears are dominating over bulls on the second day of the week, according to CoinStats.
ADA chart by CoinStatsADA/USD
The rate of Cardano (ADA) has dropped by 3.18% since yesterday.
Image by TradingViewOn the hourly chart, the price of ADA is near the local support of $0.3607. If buyers cannot seize the initiative and a bounce back does not happen, there is a high chance to see a test of the $0.3550 area soon.
Image by TradingViewOn the longer time frame, the rate of ADA is going down after a false breakout of the resistance at $0.3809.
If the situation does not change, one can expect a test of the $0.35 zone shortly.
Image by TradingViewFrom the midterm point of view, there are no reversal signals so far. If the weekly bar closes near or below the $0.35 zone, traders may witness an ongoing decline to the $0.30 range until the end of the month.
ADA is trading at $0.3605 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-december-23
