Cardano (ADA) Price Analysis for September 3

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

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

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.

Image by TradingView

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

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

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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