The market keeps falling on the weekend, according to CoinMarketCap.
Top coins by CoinMarketCapADA/USD
The rate of Cardano (ADA) has declined by 4.76% over the last 24 hours.
Image by TradingViewOn the hourly chart, the price of ADA is on the way to the local support at $0.3070. If the daily bar closes around the current prices or below, the correction may continue to the $0.30 zone by tomorrow.
Image by TradingViewOn the bigger time frame, there are also no reversal signals so far. If buyers cannot seize the initiative, traders may witness a further decline to the nearest support at $0.2756.
Such a scenario is relevant until the end of the weekend.
Image by TradingViewFrom the midterm point of view, the situation is similar. If a breakout of the nearest support happens, the accumulated energy might be enough for a more profound drop to the $0.20 range.
ADA is trading at $0.3099 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-january-31-0
