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Cardano (ADA) Price Analysis for September 22

Thu, 09/22/2022 - 15:46
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Denys Serhiichuk
Does Cardano (ADA) have power for midterm rise?
Cardano (ADA) Price Analysis for September 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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Bulls are back in the game after sharp growth; however, some coins remain in the red zone.

Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has risen by 0.64% over the last 24 hours.

ADA/USD chart by Trading View

On the local chart, the rate of Cardano (ADA) is going down after the false breakout of the hourly resistance level at $0.4589. At the moment, the price is on its way to the support at $0.4410. If buyers cannot seize the initiative, the drop may lead to the test of the $0.4350 mark soon.

ADA/USD chart by Trading View

On the daily chart, the situation is a bit different as the price is stuck in the middle of the channel. Traders can think about possible growth only when ADA gets back to the $0.46 zone.

ADA/USD chart by TradingView

From the midterm point of view, bears are not going to give up as the price is slowly approaching the support level at $0.3974. In this case, a more likely scenario is a further downward move to the $0.35 area until the end of the month.

ADA is trading at $0.4488 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.