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Cardano (ADA) Price Analysis for August 4

Price Predictions
Wed, 08/04/2021 - 14:00
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Denys Serhiichuk
How long should traders wait before Cardano (ADA) comes back to $2?
Cardano (ADA) Price Analysis for August 4
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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By the middle of the week, bulls are trying to seize the lost initiative. As a result, some coins have come back to the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has increased by 3% since yesterday, while the price change over the last week has gone up by 6.10%.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the hourly chart, Cardano (ADA) has accumulated enough energy to come back to the recently formed level at $1.40. Thus, the rising trading volume confirms the continued growth.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the daily time frame, the volatility is decreasing, which means that at the moment traders are accumulating power for a further sharp price move.

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XRP Price Analysis for August 3

After a test of the liquidity level at $1.37, Cardano (ADA) has fixed above the $1.35 mark. In this case, the more likely price action is the test of the resistance at $1.47, followed by a short-term decline.

ADA/USD chart by Trading View
ADA/USD chart by Trading View

On the weekly chart, Cardano (ADA) is slowly approaching the vital $1.50 level. The buying trading volume is low, which means that traders can plan to break the aforementioned level. If they can do it, the next area at which sellers may seize the initiative is $1.80-$2.

Cardano is trading at $1.36 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.