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Cardano (ADA) Price Analysis for August 22

Price Predictions
Sun, 08/22/2021 - 17:49
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Denys Serhiichuk
Can Cardano (ADA) keep growing faster than the other coins?
Cardano (ADA) Price Analysis for August 22
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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The last day of the weekend is rather more bearish than bullish for the cryptocurrency market as the majority of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) is the only gainer from the list, rising by 4% since yesterday, while the price change over the last week has increased by +21.48%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the hourly chart, the decline may have finished for today as bulls are showing strength at the mark around $2.55. Thus, the selling trading volume is going down, which confirms bears' weakness.

Related
Cardano (ADA) Price Analysis for August 18

In this case, one might expect a bounceback to the resistance of $2.60 by the end of the day.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the bigger chart, there is a high possibility of seeing a test of yesterday's high at $2.52 before the growth continues. One should consider such a move as gaining power for an ongoing price rise.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the weekly time frame, the drop may be more profound. If a decrease occurs, Cardano (ADA) may test the previous peak at $2.47, followed by a bounceback.

ADA is trading at $2.57 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.