Cardano has been recording moderate gains since about mid-last month. However, at some points this crypto would appear to have begun a downtrend, subsequently, it will reverse the trend and move on. This has been the norm for this crypto for quite some time now. And, once again it appears as if it is repeating the same thing. Or could it be that the price will tumble downward from here?
Cardano Forecast Statistics Data:
Cardano’s current price: $0.531
Cardano market cap: $18.1 billion
Cardano circulating supply: 33.75 billion
Cardano total supply: 34.3 billion
Cardano Coinmarketcap ranking: #7
Nevertheless, for us to at least have a bit of understanding of what might happen next, we will make use of a trading Indicator. This will be the tool with which we shall have great insight into the market. Furthermore, this will assist traders of this crypto to make profitable trading decisions.
Key Levels:
Resistance levels: $0.5280, $0.5320, $0.5420
Support levels: $0.530, $0.5274, $0.5000
Cardano Price Forecast: ADA/USD May Resume Continue the Upside Gain
The ADA/USD daily chart is showing some crunchy yet interesting signs. On this chart, price action maintains the possibility of a continuous upside gain, as it stays above the midline of the Bollinger indicator. Also, we should note that the last two candles on this chart formed as bearish candles. However, the candle of interest is the latest candle on this chart. It could be seen that this is a bearish Doji, which indicates that the buyer was in a tough fight with the seller. Eventually, the sellers won the fight by a very thin margin. This could essentially mean that buyers are re-entering the market and are already trying to pump up Cardano’s price. Consequently, the uptrend may resume, and the crypto will continues its upside gain.
Also, the Stochastic RSI threads have made an upward-facing cross. Subsequently, this may further portray the influence of the buyers. This may imply that the uptrend is gaining strength. If the uptrend resumes ADA may find new resistance around $0.6000. But, if the downward trend continues, the crypto may find lower support at around $0.5000 and $0.4773.
Cardano Price Forecast: ADA is Bearish Against Bitcoin
ADA/BTC daily chart portrays that ADA has begun a more vivid bearish trend against BTC. Here, the last two candles are more conspicuous and more decisive in direction. As we can see, these candles have already crossed the midline of the Bollinger indicator. Consequently, this activity portrays a clear downtrend.
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Furthermore, the Stochastic RSI indicator is plunging in the direction of the oversold region. However, a ray of hope may have appeared. This can be seen in the behavior of the quicker SRSI line, as it appears to be making a bend towards the slower line. This activity may be pointing to a possible upward reversal. If this trend continues ADA/BTC may fall to around 0.00002158 at the least. The best move may be to go short on this pair.
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Source: https://insidebitcoins.com/news/cardano-price-analysis-for-august-13th-ada-may-keep-up-with-the-uptrend