Sellers have turned out to be more powerful than buyers, according to CoinStats.

ADA chart by CoinStatsADA/USD

The price of Cardano (ADA) has fallen by 2.63% since yesterday.

Image by TradingView

The rate of ADA is bearish on the hourly chart. If bears' pressure continues, there is a possibility of seeing a further decline to the $0.39 range.

Image by TradingView

On the daily time frame, the price of ADA is about to close far from its peak or low. If it happens, there is a low chance of seeing any sharp moves by the end of the week.

Image by TradingView

From the midterm point of view, bears are controlling the situation on the market.

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If buyers lose the vital zone of $0.40, the correction is likely to lead to the test of the $0.35 mark.

ADA is trading at $0.40 at press time.