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Cardano (ADA) Price Analysis for September 28

Price Predictions
Tue, 09/28/2021 - 13:57
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Denys Serhiichuk
Can Cardano (ADA) surpass the growth of the other top 10 coins?
Cardano (ADA) Price Analysis for September 28
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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Bears keep pushing the cryptocurrency market to the next supports levels as all of the top 10 coins are in the red zone again.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the price dynamics of Bitcoin (BTC) as the altcoin has fallen 4.35% since yesterday.

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

On the small time frame, Cardano (ADA) has formed a local support in the $2.10 area.

Related
BTC, ETH and XRP Price Analysis for September 26

If buyers hold this level, there is a chance to see a bounceback to the zone of the most liquidity around $2.253. However, it does not mean that the bearish pressure has ended so far.

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

On the 4H chart, Cardano (ADA) may face one more drop to the nearest support at $2.063 before a rise. This assumption is also confirmed by a low selling trading volume, which means that bears are losing their power. In this case, the more likely price action is the false breakout of the support, followed by growth to $2.25.

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

In the mid-term point of view, neither bulls nor bears are dominant at the moment, as the price is located in the zone of the most liquidity, where it is accumulating power for a price blast. If sellers manage to break the support at $2.063, one may expect a sharp price drop to $1.90 soon.

ADA is trading at $2.12 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.