Has ADA reached the oversold zone yet? CardanoStiftung ADAcoin_ Cardano cardano Cardano_ emurgo_io
Cardano remains one of the most bearish coins with a decline of 4.92% over the last 24 hours.
On the hourly chart, Cardano has set the local support level at $0.3343, formed by its false breakout. However, the rate is coming back to it, which means that bulls are not yet strong enough for a short-term rise.If the decline continues, there are chances to see ADA at around the $0.33 zone soon. Cardano has broken yesterday's low at $0.3364. If buyers cannot return above it by the end of the day, one can expect a further drop to the $0.33 mark.
On the weekly time frame, Cardano reached the far retest level at $0.3321. At the moment, one should pay attention to that mark as, if the bar closes below it, the accumulated strength might lead to the test of the $0.30 zone next week.
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