ADA Price Analysis – August 28
Today, Cardano (ADA) price takes a deep dig and drops to $0.045. In a few days, the coin may create a new low or recover from slippery.
Resistance levels: $0.053, $0.058, $0.063
Support levels: $0.041, $0.036, $0.031
Before now, Cardano has been performing quite well. The last seven days brought an escalation in the price of the ADA coin. During the same period, the entire market was seen dealing with the bear, but ADA kept the movement intact. The same reflects that the coin has pretty good potential until today that ADA price drops drastically and start trading below the 21-day moving average.
However, taking a look at the price chart, we can see the trading volume is still low. More so, if the ADA/USD pair continues to stay under the control of bears, the price may drop to the nearest supports at $0.041, $0.036 and $0.031 levels. On the upside, the bulls need to push the price towards the next level of resistance at $0.053, $0.058 and $0.063. The stochastic RSI now faces downward, meaning that the bears are coming up.
Comparing with Bitcoin, 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 break out but as revealed in the daily chart, the price is set to break down below the 21-day MA within the ascending channel.
Should the price cross down to the lower side of the channel, then, the market may experience a downward trend which may likely touch the nearest support level of 400 SAT and below. Furthermore, the bullish sentiment could push the market upward to reach 600 SAT and 650 SAT resistance levels. The stochastic RSI indicator confirms that the market is at the overbought zone while the MACD indicator is giving bullish signals too.
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