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The end of the week is mainly under sellers' influence, according to CoinStats.
ADA/USD
The rate of Cardano (ADA) has declined by 2% since yesterday. Over the last week, the price has risen by 9.29%.
On the hourly chart, the price of ADA is near the local support of $0.79. If a bounce back does not happen by the end of the day, the correction is likely to continue to the $0.78 mark.
On the bigger time frame, buyers have failed to seize the initiative after yesterday's bullish closure.
If the daily bar closes around the current prices, there is a high chance of a test of the $0.76-$0.78 range soon.
From the midterm point of view, one should focus on the weekly candle in terms of the $0.8955 level. If a breakout happens, the accumulated energy might be enough for a blast to the $1 area.
ADA is trading at $0.7933 at press time.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team