|Key ADA resistance levels:||$0.060, $0.0678, $0.0732, $0.089|
|Key ADA support levels:||0485, $0.040, $0.0389, $0.03511|
Cardano Long Term Price Prediction: Bearish
For Cardano ADA, -5.64%, the second half of the year has turned out to be particularly ugly as the token’s price dropped by 53% over the past five weeks. As we can see on the daily chart, Cardano’s trading volume is fading away, showing a lack of interest in the market.
After rebounding to the $0.070 area, Cardano is now approaching the wedge’s lower boundary on the third attempt. If the boundary can provide support once more, we may see a climb back to $0.060 and $0.0678 (the July 12 resistance) before we can see a clear break to $0.0732, $0.089 and above.
In the opposite direction, a drive below $0.0485 (the July 8 low) is likely to bring the market to the $0.040, $0.0389 and $0.03511 support levels. Looking at the RSI, we can see the price is currently testing the oversold level. If the level continues to provide support for the market, a bounce is likely to occur. Now that the price is oversold on the Stochastic RSI, buying pressure is expected in no time.
Cardano Medium Term Price Prediction: Bearish
Taking a look at the 4-hour chart, we can see the Cardano market continues to trend on the downside thanks to the weekly short opening. For this reason, the token has further respected the resistance trend line (yellow) in a slope direction, indicating a bearish continuation.
Now, the bears are heading close to the mid-July low at $0.049. Should ADA trading drop below the above price, a fresh monthly low may be printed at $0.045, $0.040 and below. As shown on the price chart, the price action is now choppy with stable volume, a signal for a potential trend reversal.
If the market turns around and manages to rise noticeably above the $0.055 level, the price of ADA may climb to the $0.060 and $0.065 resistances before a bullish continuation. Now, the RSI has finally reached the oversold area after the past weeks of selling pressure. We may see a climb back if the $0.049 level can provide support for the market.
On the Stochastic RSI, Cardano is currently revealed at the extremely oversold area. There’s a need for a bullish regroup, otherwise, the ADA market may remain in the oversold territory.
Cardano Short Term Price Prediction: Bearish
Following the latest bearish leg down, Cardano is now revealed on the downside after a weekly short opening which has brought the price action into a channel formation. While ADA is changing hands at around $0.050, a further bearish spike may drop the ADA price at $0.049 and below. Meanwhile, a bullish move could spike the token to $0.052 and above.
As of now, the RSI is playing sideways. A cross above the 47 level may set a bullish breakout. The Stochastic RSI has seen a positive crossover; we can expect the price to go up soon. Considering the current market condition, the ADA market could still fall as the bears are in play for now.
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