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The crypto market is mainly growing today, according to him CoinStats.
ADA/USD
The price of Cardano (ADA) has increased by 0.5% in the last 24 hours.
In the hourly chart, the price of ADA is close to the local resistance of $0.6168. If the daily candle closes around that mark or above, the upward move is likely to continue to the $0.62 area.
On the longer term, one should focus on the closing of the bar with respect to the support of $0.5923. If their discovery is found, traders could witness a further downward movement to the range of $0.56-$0.58.
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Such a scenario is relevant until the end of the week.
From the midterm point of view, the ADA rate made a false discovery of the $0.5923 level. However, if the bear pressure continues and the bar closes below that mark, the fall is likely to continue to the $0.50-$0.55 area.
ADA is trading at $0.6174 at press time.
