• The ADA/USD pair saw a pullback after meeting rejection at $0.48.
  • Cardano (ADA) shows no sign of recovery as the price continues to trade within a channel pattern, although the market still looks bearish on the daily chart.

Cardano’s price is trading at $0.043 price levels, which now appears to be substantial support on the short term for the past few days. On the hourly chart, ADA is currently consolidating between the price range of $0.043 – $0.044.

Meanwhile, the recent price movement has made the ADA/USD pair to continue its bearish swing over the past few days. Due to this, the token has dropped by 1.56% and has remained the 11th largest cryptocurrency by market capitalization.

Cardona’s Current Statistics

Trading Price: $0.044

Market Capitalization: $1,161,197,001

Trading Volume: $49,842,206

Key resistance levels: $0.048, $0.049, $0.050

Key support levels: $0.043, $0.041, $0.039

Cardano (ADA) Price Prediction for September 12, 2019

On the 4-hour time frame, Cardano (ADA) is following a bearish formation, and the price is currently trading sideways within a descending channel pattern. The ADA price is currently sitting on support at $0.044 as it continues to trade in the channel. With volume accumulating on the price chart, the price is likely to rise to the $0.048 resistance before testing the $0.049 and $0.053 resistance levels.

ADA/USD-4H-Price-Chart-September-12, 2019

However, if the price drops below the $0.044 support, the token is likely to locate the $0.042 support – which is close support level for the bears. A bearish continuation could bring the market to $0.039 support level, testing the lower boundary of the channel. Nevertheless, the trend remains dominant bearish bias on a long-term

Conclusively

Cardano (ADA) is currently relying upon the $0.044 – $0.043 price levels with a short-term bullish outlook, facing resistance at $0.048 and $0.049 levels. If the mentioned support zone breaks, we can expect selling pressure towards the channel’s lower boundary.

Technical Indicator Reading

The RSI for Cardano is fast-reaching the oversold condition – a further drop might cause the holding support zone to break low.

The Stochastic RSI has recently revealed a sign of trend reversal, which shows a possible bullish momentum is likely to play out.

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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(Excerpt) Read more Here | 2019-09-12 22:13:33
Image credit: source

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