ADA Bears Produce a Mid-Term Wedge Pattern

• Cardano (ADA) is looking for support around the $0.044 price level after recording a 6.81% loss
• The price of ADA is likely to rebound as technical indicators signal a possible buy.

In mid-July, Cardano (ADA) saw a severe fall beneath the long-term support at $0.06, which is now subjected the price actions in a falling wedge formation over the past six weeks of trading. As the bears take charge, the token is now losing momentum to the angle of the wedge along with a potential price surge.

The past few hours of the price drop has brought Cardano’s price close to the lower boundary of the wedge, indicating a positive move. Currently, the price of ADA is consolidating around $0.044 after recording a 6.81% loss. Buying pressure may bring the market back to the upper boundary before a further decline.

ADA’s Current Statistics

Trading Price: $0.044

Market Capitalization: $ $1,152,820,583

Trading Volume: $62,194,562

Key resistance levels: $0.05, $0.055, $0.06

Key support levels: $0.04, $0.035, $0.03

Cardano (ADA) Price Prediction for August 29, 2019

The ADA/USD pair appears bearish on the 4-hour chart with a two months wedge pattern which is now reaching a tight range. The weekly short opening has caused Cardano’s price to collapse near the wedge’s lower boundary. We can expect a bounce back to $0.05 resistance. A further price push may set a bull-run for the token along with $0.055 and $0.06 resistance levels.

Cardano (ADA) is currently indecisive. If the bear rally continues, we can expect a wedge break-down to $0.04, $0.035 and $0.03 support level. As it appeared now, the $0.045 level is more likely to produce a rebound for the market. Regardless of the above, the price of ADA is still looking bearish across all time frames.

Conclusively

The tenth-largest cryptocurrency has seen a drastic fall since the mid-year trade opens. If the bulls fail to show commitment, the market may continue to display an ugly scenario for the next few days. However, we may continue to sell position until the buyers step back in the market.

Technical Indicator Reading

The RSI is now attempting to climb back after seeing a severe fall to the oversold territory. A positive move is likely to play out in the next few hours.

The Stochastic RSI for Cardano is at the extremely oversold condition, suggesting a potential buying pressure. However, bullish cross signals may occur soon.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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