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Cardano (ADA) Price Analysis for September 18

Sun, 09/18/2022 - 14:25
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Denys Serhiichuk
Has Cardano (ADA) come back to bearish trend?
Cardano (ADA) Price Analysis for September 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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Even though most of the coins are in the green zone, there are some exceptions to the rule. Mainly, the rate of DOGE has declined by 0.35% since yesterday.

Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) is about to end the current week bearish as its price has dropped by 6.35%.

ADA/USD chart by Trading View

On the local chart, Cardano (ADA) is trading near the hourly support level at $0.4741, confirming bears' pressure. In this regard, if the selling volume rises, the price decline may lead to a test of the $0.47 mark by the end of the day.

ADA/USD chart by Trading View

On the bigger time frame, the situation does not look clear as the price has remained in the wide channel for a long time. In addition, the necessary power has not been accumulated yet, according to the declining volume.

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BTC, XRP and LTC Price Analysis for September 16

Respectively, sideways trading in the area between $0.47 and $0.49 is the more likely scenario for the upcoming days.

ADA/USD chart by Trading View

The situation looks similar on the weekly chart, according to the current price location. A midterm rise may only possibly start if buyers restore the rate to the $0.50 zone and above.

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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.