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Bears are more powerful than bulls at the end of the week, according to CoinStats.
ADA/USD
Cardano (ADA) has lost a lot of value today, falling by 4.93%.
On the hourly chart, the rate of ADA is near the local support of $0.3576. If buyers cannot seize the initiative until the end of the day, traders may see a more profound decline to the $0.3550 mark.
On the bigger time frame, the price of ADA is going down after yesterday's bearish closure.
If the daily bar closes near its low, there is a high possibility to see a test of the nearest support of $0.3468 soon.
From the midterm point of view, the situation is similar. If the weekly bar closes around the current prices or below, traders may see an ongoing downward move to the $0.2756 support by the end of the month.
ADA is trading at $0.3605 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team