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Bears have almost fully seized the initiative as all of the top 10 coins are in the red zone again.
Top coins by CoinMarketCap
ADA/USD
The rate of Cardano (ADA) has fallen by 1% over the last 24 hours.
Image by TradingView
On the hourly chart, the rate of Cardano (ADA) has bounced off the local support at $0.3638. If buyers can hold the gained initiative, the rise may continue to the resistance at $0.3692. Such a scenario is relevant until tomorrow.
Image by TradingView
On the daily time frame, the price of Cardano (ADA) keeps trading sideways, accumulating energy for a further sharp move. If bulls want to return the altcoin to the midterm rise, they need to fix above the important zone of $0.37. Only in that case is there a possibility to see a resistance breakout.
Image by TradingView
A similar picture can be seen on the daily chart against Bitcoin (BTC) as neither buyers nor sellers have seized the initiative yet. In this case, ongoing consolidation in the area of 0.00001340-0.00001380 is the more likely scenario until the end of the month.
ADA is trading at $0.3661 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-may-16