Cardano (ADA) Price Analysis for September 17

Denys Serhiichuk

Does price of Cardano (ADA) have enough power for local growth?

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The last day of the week is neither bullish nor bearish as the rates of some coins are rising while others keep falling.

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The rate of Cardano (ADA) has declined by 0.46% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of ADA is trading near the local resistance level of $0.2505. If the daily bar closes around it or even above, there is a chance to see a breakout followed by a further rise to the $0.2520-$0.2530 zone tomorrow.

Image by TradingView

A less clear picture is on the daily time frame, as the price keeps trading sideways, accumulating energy for a sharp move. While the rate is below the $0.26 level, bears are controlling the situation.

In this case, there is still a possibility to see a decline to the zone of $0.2450.

Image by TradingView

From the midterm point of view, the rate of Cardano (ADA) has once again bounced off the area of $0.24. If the weekly candle closes far from it, buyers might seize the initiative, which could lead to an upward move to $0.26.

ADA is trading at $0.25 at press time.

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