Bulls are losing their initiative, according to CoinStats.CoinStats”>

ADAUSD

The rate of Cardano ADAUSD has dropped by 4.35% over the last 24 hours.TradingView”>

Despite today’s fall, the price of ADA keeps looking bearish. The rate is about to break the local support of $0.6963. If it happens, one can expect a test of the $0.68-$0.69 zone shortly.TradingView”>

On the bigger time frame, the rate of ADA is approaching the support of $0.6909. If a breakout happens, the accumulated energy might be enough for a move to the $0.60 mark. TradingView”>

From the midterm point of view, the rate of the altcoin is far from the key levels. However, the current weekly bar is looking bearish if it closes around the current prices.

In this case, traders may witness a test of the $0.55-$0.60 range the next month.

ADA is trading at $0.6987 at press time.