|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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Cardano Fails to Retain its Fort; May Seek the Support at $0.045 Soon
- Cardano loses 0.5% in the last 24 hours.
- The next support for Cardano may come at 0.045 USD.
Cardano could not stand the heavy pressure exerted from the market and lost almost half a percent in the last one day. It is now roaming around 0.047 USD. The three price swings of Cardano had a trading range between 0.047 USD and 0.045 USD.
ADA to USD Price Analysis:
Cardano’s first swing started around 01:54 UTC and in the next 11 hours and 9 minutes, it lost 4.31% and got placed at 0.045663 USD, the lowest of the day. Later, it got strengthened by 3.96% and made it to trade around 0.0474666 USD by 21:38 UTC. Later it started falling towards the closing of the day. Between 21:38 UTC and 04:58 UTC, it cut 1.04% to touch 0.046973 USD. This fall had a break at 0.046882 USD.
Cardano Price Prediction:
Cardano has started the price correction process like all other coins and in the next few days, it may have to suffer more. The next support may come at 0.045 USD. However, the medium-term of Cardano is likely to be bullish.
|Cardano (ADA)||Resistance & Support Levels|
|1st Support Level||$0.046|
|2nd Support Level||$0.045|
|3rd Support Level||$0.044|
Cardano (ADA) Price Approaches Key Technical Resistance as Bulls Try to Take Over
Technically, the 11th most significant cryptocurrency is signaling to go down shortly.
- Cardano’s price is rising to a crucial resistance level at $0.049 and at the same time approaching the upper boundary of the channel
- The ADA/USD pair may go bearish if the $0.0433 level could no longer hold as critical technical support for the market
The 11th largest cryptocurrency by market cap, Cardano’s price is currently up by +1.27% in the last few hours of trading, although the market saw a slight drop of about 0.27% yesterday.
Lifting from $0.043 area on August 29, Cardano (ADA) had recorded a monthly high at $0.048. The price movement is now caught in a channel pattern on the 4-hour time frame. If Bitcoin remains in a consolidation mode for a while, we can expect the bullish trend to continue in a short-term.
Cardano’s Current Statistics
Trading Price: $0.047
Market Capitalization: $1,227,905,045
Trading Volume: $43,232,624
Key resistance levels: $0.0471, $0.048, $0.049
Key support levels: $0.0462, $0.045, $0.0444
Cardano (ADA) Price Prediction for September 16, 2019
Cardano is following a short-term bullish trend, making the price to trade around $0.47 at the moment. Now, it appears that the market is about attempting a pullback, although the buyers are still gaining control of the market. We can expect the market to sell to close supports at $0.0462, $0.045, and $0.0444 if a pullback occurs.
If the mentioned supports fail to play out, Cardano will continue to climb back to$0.0471, $0.048 and $0.049 resistance. But as it is now, the bears appeared to be looking for lower price levels. Considering long-term outlook for this market, ADA/USD is still reflecting a dominant bearish bias.
As we can see, Cardano (ADA) is trading inside a channel pattern, which suggests a bullish trend. But the pattern formation is mostly followed by a bearish breakout. If the breakout occurs, the ADA/USD pair will continue its long-term bearish move.
Technical Indicator Reading
The RSI for Cardano is showing a bullish moment after crossing up the 50 level, which means the buyers are still active in the market.
The Stochastic is conversely bullish but hovering around the upper limit for the past two days. This shows that the bulls are getting weak as the price may fall shortly.
Will Cardano Price Get Over the Bear Sentiment?
Like other altcoins, Cardano has also borne the ongoing bear sentiment in the crypto market. This has affected its prices as can be seen from the one-month price chart where the prices have been moving in the range of $0.04 – $0.05.
Cardano Price Analysis
Over the past one month, Cardano has been under the bear radar with the prices moving continually below the baseline. From a high of $0.05138 on August 18, the price of ADA has gone down to $0.04624 on August 21 to the extent of 10%. Cardano price then rallied to $0.052176 in the next 3 days to the tune of 12.76%. But it had a major fall on August 29, and it reached $0.044236 to the extent of 15.22%. Then, ADA price moved upwards slightly to the extent of 7.13% within the next 5 days at $0.04736. With the bears continuing to put pressure, Cardano again fell to $0.04464 on September 12, to the extent of 5.74%. Today, the price of ADA coin is at $0.04708, which is higher to the extent of 5.60%.
ADA to USD Price Chart by TradingView
Cardano price was able to maintain its momentum at the beginning of the year, and this upward price momentum continued till April. Then, there were intermittent fluctuations till end June. With the bears gaining a strong foothold in July, the prices were thrown off-guard and went reeling downwards on a continuous basis. Though the bulls are trying hard for recovery, they have had not much success due to continued market volatility. Cardano is expected to be in this phase for the short-term and by the year-end, when the market is expected to recover, it is likely to trade around its 30-day high value of $0.052.
Investors cannot expect any returns from this current market volatility, but they can invest from a long-term perspective.