ADA Price Analysis – September 4
Cardano (ADA) slips today as the price drops to $0.045. In the coming days, ADA may likely create a new low or recover from slippery.
Resistance levels: $0.053, $0.058, $0.063
Support levels: $0.038, $0.033, $0.028
As the new month begins, Cardano has been performing quite well. The last 3 days brought an escalation in the price of ADA coin. During the same period, the whole market was confronted with the bear, but the bulls kept the movement intact within the channel. The same reflects that the coin has pretty good potential until today that ADA price drops slightly to start trading below the 9-day EMA and 21-day MA.
Looking at the chart, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.038, $0.033 and $0.028 levels. Whereas, on the upside, the bulls need to push the price above the moving averages to reach the resistance at $0.053, $0.058 and $0.063 levels. The stochastic RSI now moves above 40, which may likely introduce bullish signals to the market.
Against Bitcoin, the market is seen to be moving below the moving averages and within the channel where the price is expected to break down the lower part of the channel. Should the price cross down the channel, the market will experience a downward trend which could touch the nearest support level of 380 SAT and below.
In other words, if the bulls could push the market to the north for it to move above the 9-day EMA and 21-day MA, ADA price may reach the resistance levels of 530 SAT and 580 SAT respectively. The stochastic RSI indicator confirms that the market is been controlled by the sellers as it moves into the overbought zone.
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