ADA Price Analysis – September 6
Today, Cardano (ADA) recovers from the recent low of $0.085 to trade above $0.095.
Resistance levels: $0.11, $0.12, $0.13
Support levels: $0.070, $0.060, $0.050
ADA/USD after recovering from the daily low of $0.085 and later touched the daily high at $0.096 during early Asian hours. At the time of writing, ADA/USD is changing hands at $0.091 with over 3.9% gains and stayed mostly unchanged since the beginning of the day. In the global cryptocurrency rating, Cardano (ADA) takes the 13th place with the current market capitalization of $2.38 billion and an average daily trading volume of $542 million.
What Could Be the Next Direction for ADA/USD?
The upside momentum of ADA/USD has already faded away. A sustainable move above $0.100 is needed to mitigate the immediate bearish pressure and bring the coin back on the recovery trend. As the RSI (14) moves around 35-level, the next resistance is $0.105, which is the highest level reached on September 4. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.11, $0.12, and $0.13 resistance levels.
However, on the downside, once the support of $0.080 is broken, the sell-off may likely gain traction with the next focus at the nearest support levels of $0.070, followed by the psychological $0.060. If these levels are broken and the pair remains below the 9-day and 21-day moving averages, the downside pressure may increase and the next support is created by the critical support of $0.050 level.
ADA/BTC Market: The Bears Remain in Control
Comparing with BTC, the Cardano (ADA) is following a downward trend. Although the market price is unstable as it hovers at 917 SAT. Meanwhile, a low swing could push the coin to the support level of 780 SAT and below, which may create a new low for the coin. Presently, the bears are gaining ground while they are declining; now slowly in action as the RSI (14) is moving below the 40-level.
Nevertheless, a rebound could occur if the bulls could strongly defend this current level and push it above the 9-day and 21-day moving averages to reach the potential resistance at 1050 SAT and above.