- The market is under huge bearish pressure, because the trend of the ADAUSD is on the downside, and the bears are steadily driving the price the nearest major demand zone at $0.02
- However, the bulls, on the other hand, have already positioned themselves at the zone mentioned above to activate their investment buy trade decisions
- The demand zone above signifies a major confluence arena, where the bulls have a high probability of lunching a buy order because the bears would have considered the zone as a maturity investment zone as taking profit
Current Statistics of ADA
Current market price: $0.051
Market Capitalization: $1,321,503,749
Trading Volume: $48,665,588
Major supply zone: $0.0.09, $0.107, $0.240
Major demand zone: $0.02, $0.01, $0.003
The intentions of Cardano as a cryptocurrency project
News revealed that Cardano platform is designed to maintain the operation and platform of cryptocurrency. The platform is multifunction and multilayered and gives the system the elasticity to be easily maintained. Cardano aims to become an internet of Blockchain, which makes it possible for all cryptocurrency to harmonize side by side.
Cardano Price Analysis August 8, 2019
Market analysis shows that the Cardano price is heading to the downside steadily, the bulls could not hold down the bearish pressure simply because the overall trend of ADA/USD pair is in a disadvantage.
The target ahead of the bears for ADA is located at the significant confluence zone at $0.02, and there is a high probability that the buyers will surely defend the above-mentioned primary demand zone, to limit the market from being going down deep.
Chart Indicators Reading
All the market indicators are also under bearish pressure, by signaling for more downpour of the Cardano trend. The analysis had shown the current market structure is in a downward price movement except if the Buyers invalidate the view.
The bears are very much in the ADA/USD market, and in as much as the market trend is down, the sellers will continue selling off their investment for better profit maximization.
General Outlook for ADA
The market rests in a downtrend movement currently, and this downward trend may continue unless the significant confluence demand zone at 0.02 USD holds to favor the buyers. The trend is also on the downside for Cardano, and it is imperative and highly profitable to follow the pattern as our companion.