ADA Price Analysis – September 25
The Cardano (ADA) is rising to a crucial resistance level at $0.010 and at the same time trading above the moving averages.
Resistance levels: $0.108, $0.110, $0.112
Support levels: $0.070, $0.068, $0.066
At the time of writing, ADA/USD is changing hands at $0.093 with over 12.9% gains and stayed mostly unchanged since the beginning of the day. In the global cryptocurrency rating, Cardano (ADA) takes the 11th place with the current market capitalization of $3.0 billion.
What is the Next Direction for Cardano?
If the coin continues to experience an increase in trading volume coupled with a bullish regroup, ADA/USD pair will continue to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $0.108, $0.110, and $0.112.
However, in the opposite direction, ADA/USD may roll back below the 9-day and 21-day moving averages, crossing below the lower boundary of the channel could take the price to the critical supports at $0.070, $0.068, and $0.066. Meanwhile, the technical indicator, RSI (14) is trading around the 50-level, suggesting more bullish signals.
ADA/BTC Market: Price Recovers above the Moving Averages
Against BTC, the market is seen moving above the 9-day and 21-day moving averages and within the descending channel where the price has already broken out of the channel to touch the daily high at 925 SAT. After touching this level, the coin is seen retreating to 906 SAT where it is currently. Further bullish movement may push the price to the nearest resistance level at 1000 SAT and above.
Meanwhile, if ADA price slides below the moving averages, the coin is expected to reach the support at 700 SAT and below. The technical indicator RSI (14) confirms that the market is following the bullish movement as the signal line is extremely above the average.