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Cardano Price Prediction

COINBASE:ADAUSD   Cardano
ADA has extended the week’s losses in Wednesday’s session. Since mid-August, the psychological 2.0000 has been a crucial support level for the altcoin. However, by plunging further on Tuesday, it is now trading considerably below this zone.

Currently, Cardano's price is down by 2.65% at 1.8. Since hitting its highest level in close to two months in the past week, it has dropped by 23%.

On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the short term, I expect the prior support level of 2.0000 to be evasive. From this perspective, it will probably trade within a range of between 1.8000 and along the 25-day EMA at 1.9332.

Past the horizontal channel’s upper border, the bulls will have a good opportunity to push Cardano's price back above the crucial level of 2.0000. On the flip side, bears may attempt to retest Tuesday’s low of 1.7622.

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