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Most of the coins are facing a correction today, according to CoinStats.
$ADA/USD
The rate of Cardano ($ADA) has gone down by 1.63% over the past day.
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.
On the longer time frame, the situation is less bullish. In this case, one should focus on the level of $0.8334.
If the daily bar closes below that mark, the accumulated energy might be enough for a further drop to the $0.80 mark.
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.
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