The ongoing correction remains the most likely scenario for most cryptocurrencies, according to CoinStats. Among the biggest losers today is Cardano (ADA), which has fallen by 9.3%.
On the hourly chart, ADA’s price appears to have established a local support level at $0.4998. If the daily bar closes significantly away from this mark, there is a chance that the price will test the resistance level by tomorrow.
Looking at the longer time frame, there are currently no reversal signals. In this case, traders should focus on the nearby support zone at $0.50. If the daily bar closes below this level, the decline may continue toward the $0.48 range. This scenario is expected to remain relevant through the end of the week.
From a midterm perspective, ADA’s rate continues to decline following a false breakout of the resistance at $0.6884. Should the weekly bar close near the current price or lower, a test of the $0.4158 level could be anticipated soon.
At press time, ADA is trading at $0.5128.
https://bitcoinethereumnews.com/tech/cardano-ada-price-analysis-for-november-14/
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