ADA Price Analysis – August 19
Cardano (ADA) accelerated the decline after a sharp move below $0.135.
Resistance levels: $0.155, $0.160, $0.165
Support levels: $0.112, $0.107, $0.102
ADA/USD is currently priced at $0.131 as the bears retain control over the market. Yesterday, the price encountered higher resistance at the $0.152 and fell down. Cardano (ADA) lost over 4.3% of its value in a matter of minutes and the downside momentum is gaining traction. The coin broke below the local channel support of $0.130 and tested $0.126 amid growing bearish pressure.
What Could Be the Next Direction for ADA/USD?
At the time of writing, ADA/USD is changing hands at $0.131. The coin is trading under 9-day and 21-day moving averages with 4.38% loss since the start of the day, though it is still following a sideways movement on a day-to-day basis, the RSI (14) faces the south. On the intraday chart, ADA/USD moved below the channel with the next support created at $0.126.
A sustainable move below this area could worsen the short-term technical picture and allow for an extended decline towards $0.112, $0.107, and a psychological $0.102 supports. On the upside, a return above $0.145 may help to mitigate the immediate bearish pressure. The price could return inside the previous consolidation range and get a chance to cross above the moving averages at $0.155, $0.160, and $0.165 resistance levels.
ADA/BTC Market: Bears are Flexing their Muscles
Against BTC, the direction of the market is following a downward trend. Although the price is still unstable; trading at a price level of 1112 SAT. A low swing could reach the 950 SAT support level and below, creating a new low for today. For no, the bears are gaining ground while they are declining; now slowly in action. The RSI (14) is moving below the 40-level.
In other words, a rebound is likely to occur if the bulls could strongly defend this current level and push it above the 9-day and 21-day moving averages to reach the potential resistance at 1300 SAT and above.