Key Highlights
- ADA price made an upward move to invalidate the symmetric triangle pattern
- The coin faces resistance at the $0.052 and $0.055 supply zones
- The price of ADA is likely to rise if the bulls overcome the $0.052 and $0.055 supply zones
Cardano(ADA) Current Statistics
The current price: $0.049
Market Capitalization: $1,276,090,387
Trading Volume: $101,960,317
Major supply zones: $0.06, $0.07, $0.08
Major demand zones: $0.03, $0.02, $0.01
Cardano (ADA) Price Analysis August 26, 2019
On July 16, the market fell to the low of $0.049 demand zone and made an upward move. The bullish impulse reached a high of $0.065 supply zone. The bulls faced stiff resistance as Cardano (ADA) fell to a low of $0.055 supply zone. The sideways move continued as the market reached another low of $0.045 demand zone where we had the symmetric triangle.
However, with the recent bullish movement, the bearish pattern is likely to have been invalidated. As the cryptocurrency moves up, the bulls are likely to face resistance at the $0.052 and $0.055 resistance zones. On the upside, the crypto’s price will rise if the bulls overcome the hurdle at the $0.052 and $0.055 supply zones.
ADA Technical Indicators Reading
The price of ADA has broken the upper line of the symmetric triangle. This indicates that Cardano is likely to rise. On the other hand, if it were the lower line of the triangle, the market would fall.
The MACD and signal lines are still showing bearish signals because the indicators are below the zero lines. The moving averages are lying horizontally above the $0.049 demand zone, indicating that price is ranging.
Conclusion
There are prospects of the price of Cardano rising if the bullish trend is sustained above the upper line of the symmetric triangle. However, if price falls and breaks into the triangle, the downtrend may resume. The crypto’s price is also dominated by small body candlesticks (Doji and Spinning tops) which describes the indecision between the bulls and the bears.
These candlesticks consolidate at a region after a significant price movement. However, if more buyers are introduced at the demand zones, the coin will rise, and the indecisive candlesticks will be reduced.
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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