Cardano Price Analysis: Will ADA coin manage To Close the Day with Positive outlook?

Cardano Long-term price prediction: Bearish

The crypto space has been taking a deep dig over a week now. However, weekly bearish modes maybe because of the tremendous fall of Bitcoin that is lately trading below the $10,000 level. The dip has affected many altcoins including Cardano, which has recorded a bearish outlook over the past one week on a 4hr time frame.

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The price failed to break above the significant resistance level that was found near $0.052694. Afterward, a struggle to break below $0.048446 was observed, which was later on successful. A sharp drop later followed on 28 August as at 16:00 UTC where it rallied at a low of $0.043756 that touched the lower descending channel.

The ADA/USD pair began to show recovery on 29 August as at 08:00UTC that reflected stability below $0.4661. The pair’s price, therefore, closed at $0.045067. Additionally, almost all the technical indicator suggested a bearish momentum. This is since the long-term SMA is currently hovering above the short-term SMA. Besides, the formation of active descending channels signaled a downside momentum. However, a break above the upper channel or $0.047000 might reverse the trend from a downtrend to an uptrend. Especially since the RSI indicator has moved from the oversold region to trade at level 40.

 Cardano Short-term price prediction: Neutral

Conversely, looking at the hourly chart, ADA/USD pair has been moving in a sideways trend. The indecisive movement of the price action reflected this, whereby the price hovered between the critical resistance level at $0.045721 and support level $0.044370. Afterward, the price action had begun the session trading at $0.045423. ADA price later fluctuated upwards from $0.045423 to $0.045677 that was followed by a downside move to $0.44388 before gaining momentum to the current price of $0.45044. That approximate to a 1.16% increase over the intraday,

Notably, ADA/USD pair has shown a high volatile nature with a great upward and downward volume. Additionally, the slight gain has brought its circulating supply to 25,927,070,538 ADA coins, with a market cap of over $1.17Billion over the last 24hrs.

Additionally, a positive outlook is anticipated since most indicators suggest an upward price rally. The RSI indicator is currently above 50 levels, and the moving averages are now acting as the price support, which gives a bullish sign in the near term. If the bulls pull up their socks, work on improving the price momentum, and break the $0.045721 level, then better digits might be seen.