Key Highlights
- ADA price is making an upward move towards the $0.05 demand zone
- The market fluctuates and closes above the $0.04 demand zone
- The selling pressures will resume if price retests or breaks the $0.04 demand zone
Cardano (ADA) Current Statistics
The current price: 0.049
Market Capitalization: $1,289,152,365
Trading Volume: $67,259,975
Major supply zones: $0.06, $0.07, $0.08
Major demand zones: $0.03, $0.02, $0.01
Cardano (ADA) Price Analysis August 23, 2019
ADA price has been fluctuating within the $0.04 and $0.05 demand zones. The coin will make an upward move to test the $0.05 demand zone and revert to the $0.04 demand zone. At any time, the price will break the $0.04 demand zone and continue its fluctuations.
In the previous week, the market had been fluctuating between the $0.045 and $0.049 demand zones. On the downside, if the market falls and breaks the $0.04 demand zone, the bearish trend will continue to the next low of $0.03 demand zone.
ADA Technical Indicators Reading
In July, the blue line exponential moving average made a cross over below the red line exponential moving average signaling the beginning of the downtrend. The blue line EMA acted as a resistance to the price of Cardano.
The crypto’s price was repelled each time the market tested the moving average. Cardano (ADA)’s price is above the 25% range of the daily Stochastic. This implies that the price is in bullish momentum. In other words, it initiates a buy signal. The bearish pennant pattern is a sell signal, which means that the overall trend is bearish.
Conclusion
From the symmetric triangle formation, the price of Cardano will soon continue its downward trend. The fluctuating prices within the triangle will give way to a price breakout. From the price action, if the market attracts a bullish breakout at the $0.06 supply zone, the coin will resume its uptrend. Similarly, if Cardano (ADA) encounters a bearish breakout at the $0.04 demand zone, the market will continue to fall.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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