Key Highlights
- ADA price breaks out from the symmetric triangle
- The price of Cardano is set to continue the downward fall
- The cryptocurrency’s price fall may suggest consolidation in the oversold zone
Cardano Current Statistics
The current price: $0.045
Market Capitalization: $1,183,168,314
Trading Volume: $43,318,086
Major supply zones: $0.05, $0.06, $0.07
Major demand zones: $0.03, $0.02, $0.01
Cardano Price Analysis August 16, 2019
Cardano (ADA) price is breaking out of the symmetric triangle. The symmetric triangle was formed after a downward correction on July 16. After the downward correction, the Cardano bulls scored an upward movement but got resisted at the 0.06 USD price level. After trading below the resistance level, the coin’s market fell again to the low of $0.05 and consolidated, thereby forming the symmetric triangle. Now the bears have broken the bottom of the symmetric triangle.
On August 8, the bears tested the bottom of the symmetric triangle which is called the bearish pennant but was resisted by the bulls. On August 14, the bears succeeded and broke the lower line of the pennant and then signaling the continuation of the bearish trend. When this happens, the bearish sentiment will further push the market to fall. The market of Cardano (ADA) is expected to reach the demand zones of $0.03 and $0.04 price levels.
Chart Indicators Reading
The RSI period 14 is level 32, which suggests that the market is in the oversold region. The price fell to the oversold zone, and that could suggest longer-term consolidation. The 12-day and 26-day EMA are above the price and are pointing towards southward hinting that the market is bearish.
General Outlook for ADA
The coin is most likely to continue its fall after the bears successfully broke the bottom of the bearish pennant. As the bears broke, the bearish pennant short signals had been generated to enable trader’s trade the trend as it is about to continue. The RSI technical indicator confirms that the market is approaching the oversold region.
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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