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Cardano (ADA) Price Analysis for August 19

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Sat, 19/08/2023 - 18:00
Cardano (ADA) Price Analysis for August 19
Cover image via www.tradingview.com

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The weekend has started with continued bear dominance, according to CoinMarketCap's ranking.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has dropped by almost 1% over the last 24 hours.

ADA/USD chart by TradingView

Image by TradingView

On the hourly chart, the price of Cardano (ADA) is trying to break the local resistance at $0.2647. If it manages to do that and fixes above, the upward move may continue to the $0.2680 mark tomorrow.

ADA/USD chart by TradingView

Image by TradingView

On the bigger time frame, traders should focus on yesterday's peak at $0.2674. If the bar closes near it, there is a high possibility of further growth to the next resistance at $0.2761.

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Such a scenario is relevant until the end of the upcoming week.

ADA/USD chart by TradingView

Image by TradingView

On the weekly chart, the price of ADA is approaching the support level of $0.22. If sellers' pressure continues, the accumulated energy might be enough for a sharp drop to the $0.20 zone soon.

ADA is trading at $0.2647 at press time.

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