Most of the coins are facing a correction today, according to CoinStats.
ADA chart by CoinStats
ADA/USD
The rate of Cardano (ADA) has gone down by 1.63% over the past day.
Image by TradingView
On the hourly chart, the rate of ADA is near the local resistance of $0.8577. If bulls can hold the gained initiative and the daily bar closes around current prices, there is a chance to see a level breakout, followed by a test of the $0.87 zone.
Image by TradingView
On the longer time frame, the situation is less bullish. In this case, one should focus on the level of $0.8334.
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If the daily bar closes below that mark, the accumulated energy might be enough for a further drop to the $0.80 mark.
Image by TradingView
From the midterm point of view, the rate of ADA is far from support and resistance levels. The volume is low, which means there are low chances of witnessing sharp moves until the end of the month.
ADA is trading at $0.8487 at press time.
