Home Coins Cardano (ADA) Cardano long term price analysis: 6 September

Cardano long term price analysis: 6 September


Cardano has been dropping quickly in value and currently stands at $0.0880 with a market cap of $2.7 billion, which has also seen a drop from $3.16 billion in the last 24 hours. No longer in the top-10 ranks, ADA’s journey south does not seems to be over yet.

Cardano 1-day chart

Cardano long term price analysis 6 September

ADAUSD TradingView

The one-day chart for Cardano showed that the price had breached 0.5 Fibonacci level at $0.09449. The subsequent drop to 0.618 Fibonacci level at $0.07622 seems likely, however, a further drop can be possible considering bitcoin’s trading at the $10,000 level. Although a drop to 0.786 Fibonacci level is possible, there are supports between 0.618 and 0.786.

The zone between 0.618 and 0.65 Fibonacci is known as the golden pocket and we might see ADA go sideways in this zone [$0.076 to $0.0712].

Although indicators for Cardano are indicating a bounce from here, they have to be neglected for the time being as bitcoin’s drop will push altcoins to follow it.

Hence, the initial targets for ADA include $0.07622 at a 13% drop from the current price. This will be followed by $0.0712, which is an 18% drop and finally a 42% drop to $0.05000, which will be the bottom for Cardano.

Cardano and Bitcoin correlation

1599418959 183 Cardano long term price analysis 6 September

Source: Coinmetrics

Altcoins have seen a great ride up in the last few months and ADA might have started the rally before most altcoins. Cardano pumped from $0.017 to $0.1719, a whopping 900% increase in less than 5 months.

However, the surge in bitcoin’s price to $12,000 was accompanied by the increase in the dominance of bitcoin. Hence, the correlation of alts with bitcoin has also increased.

As seen above, Cardano’s 90-day Pearson correlation has increased from 0.378 to 0.50 since 1 September. This increase is largely due to bitcoin’s crash. Hence, a further drop in Cardano’s price can be an expected result if bitcoin drops as well.

The bottom for bitcoin’s crash could be the CME gap at $9,645 or it could dip a little lower and head to $9,100 too. The same goes for Cardano’s price, hence, the likely bottom for ADA is $0.0500.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,579FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.29
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.73

Most Popular

Analyst: 1,500 Bitcoins Lost Every Day, Less Than 14 Million Coins Will Ever Circulate

A cryptocurrency analyst, Timothy Peterson claims that 1,500 bitcoins are lost each day meaning only 14 million BTC will ever circulate. The...

Unstoppable Domain’s co-founder had this to say about Facebook and the future of free speech

Unstoppable Domains co-founder Bradley Kam believes that neither the anti-encryption bills nor the technology giants present a real threat to the future of...

XSN Mandatory Wallet Update V1.0.22–8 October 2020 | by Stakenet Team | Stakenet (XSN) | Sep, 2020

How to update your Mac Wallet using the TerminalIn order to update your Mac wallet, please go to https://github.com/X9Developers/XSN/releases/tag/v1.0.22 and download the latest...

Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September

Cardano formed a bearish pattern on the charts as it braced for another dip in its price. The bearish pressure on the crypto-asset...
bitcoin
Bitcoin (BTC) $ 11,091.69
ethereum
Ethereum (ETH) $ 385.40
ripple
XRP (XRP) $ 0.252814
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 235.63
bitcoin-cash-sv
Bitcoin SV (BSV) $ 162.27
litecoin
Litecoin (LTC) $ 48.81
eos
EOS (EOS) $ 2.72
binancecoin
Binance Coin (BNB) $ 27.47
okb
OKB (OKB) $ 6.13
tezos
Tezos (XTZ) $ 2.32
leo-token
LEO Token (LEO) $ 1.22
cardano
Cardano (ADA) $ 0.092665
monero
Monero (XMR) $ 94.53
stellar
Stellar (XLM) $ 0.078810
chainlink
Chainlink (LINK) $ 10.38
huobi-token
Huobi Token (HT) $ 4.94
tron
TRON (TRX) $ 0.028630
usd-coin
USD Coin (USDC) $ 0.999323
dash
Dash (DASH) $ 73.20
neo
NEO (NEO) $ 24.53
iota
IOTA (MIOTA) $ 0.276238
nem
NEM (XEM) $ 0.116382
zcash
Zcash (ZEC) $ 58.85
maker
Maker (MKR) $ 517.34
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.22
vechain
VeChain (VET) $ 0.014902
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.86
kucoin-shares
KuCoin Shares (KCS) $ 1.21
waves
Waves (WAVES) $ 2.46