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A new week has begun with the decline of the market, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has declined by 2.83% over the last 24 hours.
On the hourly chart, the price of ADA has broken the local support at $0.3853. If the daily bar closes below that mark, the decline may continue to the $0.38 mark tomorrow.
On the longer time frame, the situation is also bearish. The rate of ADA is on the way to breaking the support of $0.3826. If it happens, the accumulated energy might be enough for a continued downward move to the $0.37 zone.
From the midterm point of view, the price of the altcoin is going down after the previous weekly bar's closure.
If the candle closes below the interim level at $0.38, traders may witness a test of the $0.34-$0.36 range by the end of the month.
ADA is trading at $0.3839 at press time.
Denys Serhiichuk
Tomiwabold Olajide
Gamza Khanzadaev
Godfrey Benjamin