Main navigation

Cardano (ADA) Price Analysis for August 19

Sat, 08/19/2023 - 18:00
article image
Denys Serhiichuk
Is price of Cardano (ADA) ready to bounce back from current levels?
Cardano (ADA) Price Analysis for August 19
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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

Top 10 coins by CoinMarketCap

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.

Related
Ethereum (ETH) Price Analysis for August 18

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.

article image
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.