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Cardano (ADA) Price Analysis for September 3

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Sun, 3/09/2023 - 14:02
Cardano (ADA) Price Analysis for September 3
Cover image via www.tradingview.com

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Bears keep controlling the initiative on the last day of the week.
 

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ADA/USD

The rate of Cardano (ADA) has declined by 0.16% since yesterday. Over the last week, the price has declined by 3.34%.

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Image by TradingView

On the hourly chart, the rate of Cardano (ADA) is looking bearish as the rate has failed to fix above the resistance at $0.2571. If the decline continues to the support, there is a high chance to see a channel breakout followed by a blast to the $0.25 zone soon.

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On the bigger time frame, sellers are also more powerful than buyers as the candle is about to close below the previous bar low. 

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If that happens, traders are likely to see a test of the support at $0.25 within the next few days.

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Image by TradingView

From the midterm point of view, there are no reversal signals yet. If the drop continues to the interim mark of $0.24, the accumulated power might be enough for a test of the $0.22 level by the end of the upcoming week.

ADA is trading at $0.2544 at press time.

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