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Cardano Price Analysis: ADA Slays With A Heavy Bearish Trend

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The crypto market sphere has attained no change till now, and the intense volatility is slaying down every potential of the altcoins like Cardano (ADA). In the past two days, the coin is completely submerged in the bearish zone. Majority crypto enthusiasts are of the opinion that as long as volatility will not get to a certain ground, it is not easy for the altcoin like ADA to have a good impact on its trendline and this is the reason why majority projects can fail in the upcoming days.

Current statistics of Cardano:

  • Price in USD: 0.0508 USD (06:27 UTC as on 9th August)
  • Price in BTC: 0.00000431 BTC
  • Circulating supply: 25,927,070,538 ADA
  • Market cap: 1,320,058,365 USD
  • Market rank: 13

Cardano Price analysis and future price predictions:

Cardano Price Prediction
Cardano Price Chart by TradingView

From the above 1-day chart, it is well observant that Cardano’s bearish trend is highly persistent than its bullish trend. Although, intermediately, it is trying to move up in the bullish zone, but due to heavy pull back, it is lacking effective support levels which can actually help to retain its positive values. Its momentum is declining down really fast. For instance, yesterday, it traded at a low value of 0.0505 USD, and today, it had traded at 0.0506. So, the shift in the prices is not as huge as the bearish range is pretty much consistent in case of ADA, and within one day, its value got increased by 0.59%. With high market volatility, it is getting tougher for ADA to rise up, and even if it is doing so, it cannot retain the same for long. But the coin has enough potential and it is expected to trade around $0.3 by the end of 2019.

Conclusion:

The current crypto sphere is highly unfavorable and this degrades down the values of altcoins like ADA to a great extent. However, experts foresee a positive future in the long-term, and the investors are expected to fetch good returns.

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Crypto News

Ethereum’s Weekly Close Above $275 Has Analysts Over the Moon

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As Bitcoin has shot higher in the past few hours, so too has Ethereum. The market leader tapping $10,000 was accompanied by ETH passing $275, reaching as high as $278 just minutes ago.

While this sudden jump higher, which comes after the altcoin flatlined around $270 for most of Sunday, has yet to be sustained, analysts are saying the cryptocurrency is cleared to register even greater games in the coming days for a confluence of reasons.

Ethereum Technical Outlook Is Extremely Bullish, Analysts Say

Earlier today, NewsBTC reported on an analysis of the one-week ETH chart by Teddy, a popular trader. 

In the pertinent analysis, the commentator wrote that Ethereum’s weekly candle closing above $275 — a level which has acted as short-term resistance and support over the past two weeks or so — will make the asset “beyond bullish”:

“ETH: Weekly close above 275 beyond bullish. Anything below I see it as a rejection from a key resistance.”

Just minutes ago, the asset closed above this level ($276, to be exact), marking a higher high. Teddy did not allude to what he expects for the cryptocurrency to do after it makes a close above this level, though other analysts are expecting more upside.

From an extremely short-term perspective, analyst Cactus published the below chart and an accompanying message. In that message, the trader wrote that a weekly close above $267 is extremely positive, adding that such a close is likely to send Ethereum towards $290 in the coming days.

Indeed, RookieXBT recently remarked that Ethereum’s six-hour chart is showing a number of positive signs: 

  • ETH is currently printing an “ascending triangle structure,” marked by a number of tests of a horizontal resistance level and slowly-trending-higher prices. Ascending triangles most often break upwards.
  • The six-hour Relative Strength Index (RSI), a measure of the magnitude of price action, is creating a falling wedge structure. Falling wedges normally break upward.
  • There are hidden bullish divergences forming between the price of Bitcoin, which has been registering a series of higher lows, and the RSI, which continues to make lower lows. This suggests a breakout of the RSI wedge may come shortly, which should send Ethereum above the triangle that has constricted upward price action.
Featured Image from Shutterstock



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