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Cardano (ADA) Price Analysis for September 6

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Wed, 6/09/2023 - 16:40
Cardano (ADA) Price Analysis for September 6
Cover image via www.tradingview.com

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The market remains under bears' pressure, according to the CoinMarketCap ranking.

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ADA/USD

The rate of Cardano (ADA) has declined by 0.31% over the last 24 hours.

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Image by TradingView

On the hourly chart, the price of Cardano (ADA) is on its way to the local support level of $0.2551. If buyers cannot seize the initiative now, closure near the mentioned mark may lead to a more profound drop to the $0.2540 zone tomorrow.

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Image by TradingView

A less clear picture is can be seen on the bigger time frame as the price keeps trading sideways, gaining energy for a further sharp move. In this case, ongoing consolidation in the area of $0.2540-$0.26 is the more likely scenario until the end of the week.

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Image by TradingView

From the midterm point of view, neither buyers nor sellers are dominating as the rate is far from the key levels.

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Respectively, sideways trading between $0.25 and $0.26 is the more likely scenario until mid-September.

ADA is trading at $0.2551 at press time.

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