Bulls have failed to keep growing, and most of the coins are again in the red area, according to CoinStats.
ADA/USD
The price of Cardano (ADA) has declined by more than 10% over the past day.
On the hourly chart, the rate of ADA is near the local support of $0.4117. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
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However, if the bounce back does not happen by the end of the day, traders can expect a further correction to the $0.40 zone.
On the longer time frame, one should pay attention to the nearest level of $0.4091. If it breaks out, the accumulated energy might be enough for an ongoing decline to the $0.37-$0.40 zone.
From the midterm point of view, the current wick is closing bearish; however, a few days are left until the end of the week. If buyers cannot seize the initiative, there is a high chance of seeing a level breakout, followed by a test of the $0.35 mark.
ADA is trading at $0.4161 at press time.