Cardano Price Action
Cardano (ADA) is now on a weekly bounce from the $1.90 level, with a high of $3.16 for the year. Weekly price movement is smack in the midst of this range, but bulls have a few things working in their favour to keep their positions and drive prices back up to $3.16.
Last week, sellers pushed prices down to $1.89. On August 16, this level served as the starting point for a rally that lasted two weeks. After sellers were able to drive prices lower, the rally gained traction as price action became hot and indicators began to signal overbought warning indications.
The gain since July has produced a green ascending trend line, which is now acting as a reference point for both buyers and sellers, thanks to the bounce off the $1.89 level. A retest of that trend line is possible, but it will most likely attract additional buyers as a way to get in for those who missed out on the $1.89 entrance last week.
As long as this weekly candle closes above the green rising trend line, the bull movement will continue. Expect little countermoves from sellers, given there is now no strong entry place for them.
When price action reaches $2.74, there may be some resistance, but it will be very short-lived. With the retest of the year’s high, bulls will attack in full force for the drive towards $3 and $3.16.
If the green ascending trend line in ADA were to break, sellers would assume control. For a third test, sellers will attempt to bring price action back down to $1.89.
Cardano for the month ahead, more gains expected!
After completing what was likely its most significant milestone in the third quarter of the year, the next few months will be crucial for Cardano. According to reports, the Cardano team is counting on the current momentum to keep the ecosystem growing.
In a recent tweet, Sidney Vollmer of the Cardano Foundation hinted to major cooperation. Vollmer, has asked the Cardano community to keep an eye out for some mind-blowing partnerships at the Cardano Summit, which will take place this coming weekend, September 25-26.
The announcement could be a sign of things to come, but the blockchain industry hasn’t been without its share of hiccups. Several highly anticipated discoveries have turned out to be below-average in the end.