Home Coins Cardano (ADA) Cardano long-term Price Analysis: 21 September

Cardano long-term Price Analysis: 21 September


Most of the industry’s altcoins are struggling to make-do in the present market. With all the bullish market momentum fizzling out in early-September, new monthly lows are being registered every single day. In fact, even Bitcoin seemed to be losing value at the time of writing, after many alts hoped the king coin’s price movement will brush off them. Cardano is one such altcoin and its press time price movement suggested that the near-term future did not look pretty.

Cardano’s 1-day chart

Source: ADA/USD on TradingView

As one of 2020’s most successful tokens, a period of correction was always on the cards for Cardano, with the crypto-asset dropping below $0.106 recently. Now, over the past week, optimism about its recovery has been on the back seat since ADA was noting an imminent breach from a descending triangle pattern. The breakout is possibly going to be bearish, with direct support at $0.073. However, the 1-day chart suggested that ADA might find refuge at $0.076, where the 200-Moving Average was present, at the time of writing.

With the bearish pressure from the 50-Moving Average consistent on the charts, it is important to note that the Awesome Oscillator underlined the trend from a bullish perspective. However, the price candles were falling in intensity, so the larger trend was still inclined towards a drawdown period.

Cardano’s 1-week chart

Source: ADA/USD on TradingView

According to ADA’s weekly analysis, the breakaway from the ascending channel was quite clear. Over the past 7 weeks, 6 of them have been bathed in red, with the crypto’s value holding a position near $0.0865, at press time. Over the current period, it is now essential for ADA to sustain a position above the the Fibonacci 0.705 line. A position close below that level would improve the possibility of a re-test at $0.0712.

The Relative Strength Index or RSI had quietly stabilized, at the time of writing, but the sell-pressure was still dominant over the long-term. To sum it up, Cardano proponents should be bracing themselves for another bearish period.



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
1,550FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.29
CHF
1.09
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.70

Most Popular

ICON Development Roadmap Update — October 2020 | by ICON Foundation | Hello ICON World | Oct, 2020

Gangnam Testnet Release and Update on Contribution Proposal SystemGreetings ICONists,This month was highlighted by the release of the ICON 2.0 Testnet Gangnam and the...

Sacrificing privacy does not make us safer

In the last month, we’ve seen the United States Federal Reserve come after BitMEX for failing to identify customers, crypto intelligence firm CipherTrace...
bitcoin
Bitcoin (BTC) $ 13,776.36
ethereum
Ethereum (ETH) $ 387.30
ripple
XRP (XRP) $ 0.239834
tether
Tether (USDT) $ 0.998445
bitcoin-cash
Bitcoin Cash (BCH) $ 262.80
bitcoin-cash-sv
Bitcoin SV (BSV) $ 167.01
litecoin
Litecoin (LTC) $ 55.69
eos
EOS (EOS) $ 2.53
binancecoin
Binance Coin (BNB) $ 28.44
okb
OKB (OKB) $ 4.55
tezos
Tezos (XTZ) $ 1.98
leo-token
LEO Token (LEO) $ 1.26
cardano
Cardano (ADA) $ 0.093521
monero
Monero (XMR) $ 124.43
stellar
Stellar (XLM) $ 0.078910
chainlink
Chainlink (LINK) $ 11.27
huobi-token
Huobi Token (HT) $ 4.20
tron
TRON (TRX) $ 0.025916
usd-coin
USD Coin (USDC) $ 0.997403
dash
Dash (DASH) $ 71.34
neo
NEO (NEO) $ 14.87
iota
IOTA (MIOTA) $ 0.255275
nem
NEM (XEM) $ 0.096409
zcash
Zcash (ZEC) $ 58.54
maker
Maker (MKR) $ 522.75
paxos-standard
Paxos Standard (PAX) $ 0.996761
ethereum-classic
Ethereum Classic (ETC) $ 5.22
vechain
VeChain (VET) $ 0.010043
true-usd
TrueUSD (TUSD) $ 0.997578
ftx-token
FTX Token (FTT) $ 3.72
kucoin-shares
KuCoin Shares (KCS) $ 0.852613
waves
Waves (WAVES) $ 3.27