ADA Price Analysis – September 15
Today, Cardano (ADA) failed to recovers from the recent low of $0.085 to trade above $0.099.
Resistance levels: $0.11, $0.12, $0.13
Support levels: $0.076, $0.077, $0.075
At the time of writing, ADA/USD is changing hands at $0.093 with over 3.31% gains and stayed mostly unchanged since the beginning of the day. In the global cryptocurrency rating, Cardano (ADA) takes the 12th place with the current market capitalization of $2.9 billion and an average daily trading volume of $1.06 million.
What Could Be the Next Direction for ADA/USD?
ADA/USD bulls are already faded away. A sustainable move above the moving average is needed to mitigate the immediate bearish pressure and bring the coin back on the recovery trend. 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 broken, the sell-off may likely gain traction with the next focus at the nearest support levels of $0.077, followed by the psychological $0.075. 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 $0.070 level.
ADA/BTC Market: Price Remains Below the Moving Averages
Comparing with BTC, the Cardano (ADA) is following a downward trend. Although the market price is unstable as it hovers at 863 SAT. Meanwhile, a low swing could push the coin to the support level of 750 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) may enter into the oversold region.
Nevertheless, a rebound may 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 1000 SAT and above.