Cardano (ADA) Price Analysis for August 18
The post Cardano (ADA) Price Analysis for August 18 appeared on BitcoinEthereumNews.com. Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every...
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Aug. 18 has started with a rout in the cryptocurrency market, with the majority of assets remaining in the red.
Top coins by CoinMarketCapADA/USD
Cardano could not withstand the bears’ pressure and its rate has declined by almost 4 percent over the last 24 hours.
ADA/USD chart by Trading ViewOn the small time frame, Cardano made a false breakout of the $1.90 level against the increasing trading volume. Now, the rate is coming close to the psychological $2 mark.
If buyers can hold this level, then the uptrend might continue to the zone of the most liquidity at $2.12.
ADA/USD chart by Trading ViewOn the four-hour chart, the continuation of the uptrend is also more likely. The buying trading volume is low, which means that traders are accumulating power for another major move. Respectively, there is a chance of seeing the return to the point where the decline started from $2.25.
ADA/USD chart by Trading ViewFrom the mid-term perspective, Cardano made a false breakout of the support at $1.89. Until bulls hold this level, the overall picture remains bullish. However, at the moment, one can expect the sideways trading streak to continue for a few more days in the range between $1.89 and $2.25.
Cardano is trading at $2 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-august-18
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