The crypto market is mainly rising today, according to CoinStats.
**ADA/USD Analysis**
The rate of Cardano (ADA) has increased by 0.5% over the last 24 hours. On the hourly chart, the price of ADA is currently near the local resistance level of $0.6168. If the daily candle closes around that mark or above it, the upward move is likely to continue toward the $0.62 area.
Looking at a longer time frame, traders should pay attention to the daily bar’s closure in relation to the support level at $0.5923. If a breakout below this support occurs, there may be a further downward move to the $0.56–$0.58 range. This scenario is expected to remain relevant until the end of the week.
From a midterm perspective, ADA’s rate recently made a false breakout of the $0.5923 level. However, if bearish pressure persists and the daily bar closes below this mark, the decline is likely to continue further, targeting the $0.50–$0.55 area.
At the time of writing, ADA is trading at $0.6174.
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