ADA Price Analysis – August 24
Cardano gains 1.53% in as the market opens today but falls to $0.050 from $0.053. Although, the medium-term of the coin bullish.
Resistance levels: $0.060, $0.065, $0.070
Support levels: $0.035, $0.030, $0.025
Today, Cardano has shown the highest point at $0.053 and the lowest at $0.047. The coin has tried to maintain its uptrend since 2days ago but the medium-term of the coin is likely to be bullish as the price is about to break out of the symmetric triangle. As at the time of writing, everything is still going well with the coin and the bulls could make more effort to push the price above the 21-day moving average.
Moreover, if the coin can experience 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 may likely become severe with more losses. However, the next level of resistance lies at $0.060, $0.065 and $0.070. In the opposite direction, ADA price may roll back to $0.035, $0.030 and $0.025 support levels if the bears step back into the market. The stochastic RSI is at the overbought which is in favor of the bears.
Against BTC, the market is seen to be moving above the 21-day moving average and within the ascending wedge channel 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 channel, then, the market may experience an upward trend which may likely touch the nearest resistance level 645 SAT and above.
Nevertheless, the bullish sentiment could push the market to reach 650 SAT and 655 SAT resistance levels. Similarly, if ADA price crosses down the bottom line of the channel, the coin is expected to reach the support at 365 SAT and 360 SAT price levels. The stochastic RSI indicator confirms that the market is at the overbought zone which may generate more bearish signals in the nearest term.
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