Cardano (ADA) Price Analysis for September 6
The market remains under bears’ pressure, according to the CoinMarketCap ranking.
ADA/USD
The rate of Cardano (ADA) has declined by 0.31% over the last 24 hours.
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.
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.
From the midterm point of view, neither buyers nor sellers are dominating as the rate is far from the key levels.
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.