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Bears are dominating over bulls on the second day of the week, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has dropped by 3.18% since yesterday.
On the hourly chart, the price of ADA is near the local support of $0.3607. If buyers cannot seize the initiative and a bounce back does not happen, there is a high chance to see a test of the $0.3550 area soon.
On the longer time frame, the rate of ADA is going down after a false breakout of the resistance at $0.3809.
If the situation does not change, one can expect a test of the $0.35 zone shortly.
From the midterm point of view, there are no reversal signals so far. If the weekly bar closes near or below the $0.35 zone, traders may witness an ongoing decline to the $0.30 range until the end of the month.
ADA is trading at $0.3605 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team