Key Highlights
- ADA/USD pair is in a downward correction
- Cardano market will further depreciate to the demand zone at $0.03 if the $0.04 support level gets broken
- The crypto’s price is likely to resume its upward move if price find support at $0.04 price level
Cardano Current Statistics
The current price: $0.047
Market Capitalization: $1,228,885,372
Trading Volume: $60,237,226
Major supply zones: $0.06, $0.07, $0.08
Major demand zones: $0.03, $0.02, $0.01
Cardano Price Analysis August 15, 2019
The overall trend of the Cardano (ADA) price is bearish. The market had been in a downward correction since July. In retrospect, the ADA price had been trading below the $0.1 price level in June. On June 25, the bulls tested the $0.10 price level and were resisted. The coin fell to a low of $0.051 to form a bearish pennant.
Price is likely to break lower out of the bearish pennant as the market retest the breakout. After a retest, the price will eventually drop to the previous low. In other words, if the bears break the $0.04 price level, the coin will fall and find support at the $0.03 price level.
Chart Indicators Reading
The MACD line and the signal line are below the zero line meaning that ADA price is bearish and a sell signal. Cardano is trading below the 12-day as well as 26-day EMA, which indicates that price is falling.
General Outlook for ADA
Price of Cardano is likely to drop again because of the formation of a bearish pennant. Also, the indicators give us a bearish signal. Meanwhile, if the $0.05 price level holds, this will invalidate the earlier analysis. Also, if the $0.05 support level hold, the crypto’s price is likely to rise and retest the previous high. On the other hand, the market may reach its previous low at the $0.03 price level.
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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