Cardano (ADA) Price Approaches Key Technical Resistance as Bulls Try to Take Over

• Cardano’s price is rising to a crucial resistance level at $0.049 and at the same time approaching the upper boundary of the channel
• The ADA/USD pair may go bearish if the $0.0433 level could no longer hold as critical technical support for the market

The 11th largest cryptocurrency by market cap, Cardano’s price is currently up by +1.27% in the last few hours of trading, although the market saw a slight drop of about 0.27% yesterday.

Lifting from $0.043 area on August 29, Cardano (ADA) had recorded a monthly high at $0.048. The price movement is now caught in a channel pattern on the 4-hour time frame. If Bitcoin remains in a consolidation mode for a while, we can expect the bullish trend to continue in a short-term.

Cardano’s Current Statistics

Trading Price: $0.047

Market Capitalization: $1,227,905,045

Trading Volume: $43,232,624

Key resistance levels: $0.0471, $0.048, $0.049

Key support levels: $0.0462, $0.045, $0.0444

Cardano (ADA) Price Prediction for September 16, 2019

Cardano is following a short-term bullish trend, making the price to trade around $0.47 at the moment. Now, it appears that the market is about attempting a pullback, although the buyers are still gaining control of the market. We can expect the market to sell to close supports at $0.0462, $0.045, and $0.0444 if a pullback occurs.

If the mentioned supports fail to play out, Cardano will continue to climb back to$0.0471, $0.048 and $0.049 resistance. But as it is now, the bears appeared to be looking for lower price levels. Considering long-term outlook for this market, ADA/USD is still reflecting a dominant bearish bias.

Conclusively

As we can see, Cardano (ADA) is trading inside a channel pattern, which suggests a bullish trend. But the pattern formation is mostly followed by a bearish breakout. If the breakout occurs, the ADA/USD pair will continue its long-term bearish move.

Technical Indicator Reading

The RSI for Cardano is showing a bullish moment after crossing up the 50 level, which means the buyers are still active in the market.

The Stochastic is conversely bullish but hovering around the upper limit for the past two days. This shows that the bulls are getting weak as the price may fall shortly.

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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