Cardano price analysis

Cardano

ADA

tickers down

$0.301

turned up from $0.28 on Aug. 7, indicating buying at lower levels. The price has reached the moving averages, which are just below the downtrend line.

ADA/USDT daily chart. Source: TradingView

The bears are likely to guard the downtrend line with vigor. If the price turns down from this level, the ADA/USDT pair could retest the support at $0.28. A break and close below this level could pull the pair to $0.26 and then to $0.24.

Contrary to this assumption, if bulls clear the overhead hurdle, the pair could rally to $0.34. This level may again prove to be a barrier, but if bulls overcome it, the pair could reach the overhead resistance at $0.38.

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