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Even though some coins are in the green zone today, the prices of most cryptocurrencies are falling, according to CoinMarketCap.
ADA/USD
The rate of Cardano (ADA) has dropped by 1.10% since yesterday. Over the last week, the price has fallen by 5.46%.
On the hourly chart, the price of ADA is rising after a false breakout of the local support of $0.6211.
If the growth continues to the resistance, one can expect a test of the $0.64 area next week.
On the bigger time frame, the picture remains bearish as the rate is near the support level. If a breakout of $0.6104 happens, the accumulated energy might be enough for a move to the $0.58-$0.60 range.
From the midterm point of view, there are no reversal signals yet. If a breakout of the interim level of $0.60 happens, traders may witness an ongoing decline to the $0.55 area.
ADA is trading at $0.6295 at press time.
Vladislav Sopov
U.Today Editorial Team