Cardano (ADA) Price Analysis for August 28
The post Cardano (ADA) Price Analysis for August 28 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...
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.
Bulls could not hold the initiative until the end of the week as none of the main coins could grow.
ADA/USD
The price of Cardano (ADA) has gone down by 0.67% since yesterday, while the rate has dropped by 3.77% over the last week.
On the local time frame, Cardano (ADA) is trading near the hourly level at $0.4420. If bulls cannot seize the initiative shortly, there is a chance to see a further drop to the $0.44 mark.
On the daily chart, the price is located in the middle of the channel between the support at $0.4257 and the resistance at $0.4741.
Currently, one should not expect any sharp moves as neither side has accumulated enough strength for a further move.
On the weekly time frame, the situation is a bit different. Cardano (ADA) has made a false breakout of the $0.4347 level. While the price is above it, bulls have a chance for a local bounce back. If that happens, one can expect a rise to $0.50 in the mid-term.
ADA is trading at $0.4418 at press time.
Source: https://u.today/cardano-ada-price-analysis-for-august-28
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