A new week has begun with the decline of the market, according to CoinStats.
ADA chart by CoinStatsADA/USD
The rate of Cardano (ADA) has declined by 2.83% over the last 24 hours.
Image by TradingViewOn 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.
Image by TradingViewOn 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.
Image by TradingViewFrom 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.
Source: https://u.today/cardano-ada-price-analysis-for-january-12
