The Cardano price prediction may lack short-term and medium-term support, but if the price rises further, the coin may shoot up.
Cardano Prediction Statistics Data:
- Cardano price now – $0.50
- Cardano market cap – $17 billion
- Cardano circulating supply – 33.74 billion
- Cardano total supply – 34.2 billion
- Cardano Coinmarketcap ranking – #8
Resistance levels: $0.75, $0.80, $0.85
Support levels: $0.30, $0.25, $0.20
ADA/USD is currently trading around the $0.50 level within the 9-day and 21-day moving averages. In the range of the descending channel, the closest support is located at $0.45, with a close resistance at $0.55. Meanwhile, if the market increases, additional resistance can be found above the upper boundary of the channel.
Cardano Price Analysis: Cardano (ADA) May Go Bullish
As revealed by the daily chart, it is obvious that the Cardano price may likely create more bullish trends once the sideways movement fades away, and this is noticeable for the technical indicator Relative Strength Index (14) as the signal line moves above the 50- level.
At the time of writing, the Cardano market keeps rebounding from the daily low of $0.49 below the moving averages; therefore, any bearish movement below the daily low may lead the coin to a serious downtrend towards the lower boundary of the channel. However, the support levels for the coin may be located at $0.30, $0.25, and $0.20, while the resistance levels lie at $0.75, $0.80, and $0.85 respectively.
ADA/BTC Market: Price May Keep Moving Sideways
When compared with Bitcoin, the support level of this range is built around 2000 SAT. The resistance is set at 2200 SAT because the market price is still hovering around the 9-day and 21-day moving averages. Technically, the price continues to move sideways within the channel since a few days ago as the technical indicator Relative Strength Index (14) moves around 50-level.
However, if the Cardano price crosses below the lower boundary of the channel, ADA/BTC may likely hit the support level AT 1800 SAT and below. Moreover, any bullish movement towards the upper boundary of the channel may allow the market to form a new upward trend and could reach the potential resistance at 2700 SAT and above.
Battle Infinity – New Crypto Presale
- Presale Until October 2022 – 16500 BNB Hard Cap
- First Fantasy Sports Metaverse Game
- Play to Earn Utility – IBAT Token
- Powered By Unreal Engine
- CoinSniper Verified, Solid Proof Audited
- Roadmap & Whitepaper at battleinfinity.io
Original Source: https://insidebitcoins.com/news/cardano-price-prediction-for-today-august-4-ada-bulls…
Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.