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Cardano (ADA) Price Analysis for August 18

Price Predictions
Wed, 08/18/2021 - 16:17
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Denys Serhiichuk
Can Cardano go back to $2 by the end of the week?
Cardano (ADA) Price Analysis for August 18
Cover image via www.tradingview.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 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.

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Aug. 18 has started with a rout in the cryptocurrency market, with the majority of assets remaining in the red. 

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/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 View
ADA/USD chart by Trading View

On 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.

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BTC, ETH and XRP Price Analysis for August 16

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 View
ADA/USD chart by Trading View

On 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 View
ADA/USD chart by Trading View

From 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.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.