ADA Price Analysis – August 17
Cardano (ADA) price takes a deep dig and drops to $0.047 but the coin is expected to recover in a few days.
Supply levels: $0.060, $0.065, $0.070
Demand levels: $0.035, $0.030, $0.025
Cardano (ADA) tried to maintain an uptrend in the last week’s chart. The traders were deeply impressed by the coin. ADA inclined in the rank chart of the crypto market and replaced Tron (TRX). Everything was going well until yesterday’s drop when the market drenched in blood. It would take some time for ADA to come out of the downward trend.
At the moment, the market is ranging and moving under 21-day MA. If we can see an increasing volume coupled with a bullish regroup, the ADA/USD pair will start to correct gain significantly on the upside. Otherwise, the bear pressure will become severe with more losses. However, the Cardano price is expected to retest supply at $0.049 before the rally continues. Watching out for the next level of supply; the $0.060, $0.065 and $0.070 levels seem closer for the bull sides.
In the opposite direction, the ADA/USD pair may roll back to $0.35 demand if the bears step back in the market. A break at $0.030 could establish a new 2019 low at $0.025 and below. Currently, the market is indecisive as RSI (14) moves in sideways.
Against BTC, the market is seen to be moving within the symmetric triangle where the price is expected to be broken out as revealed in the daily chart. Should the price breaks above the upper side of the symmetric triangle, then, the market may experience an upward trend and it could move towards the nearest supply level of 600 SAT.
Furthermore, the bullish sentiment could push the market to reach 650 SAT and 700 SAT supply levels. In other words, if Cardano crosses down the bottom line of the symmetric triangle, the market is expected to reach the demand zones of 300 SAT and 250 SAT price levels. The stochastic RSI indicator confirms that the market is approaching the oversold territory.
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