Cardano (ADA) Corrects Lower After Reaching A Considerable High

The price of Cardano (ADA) went as high as $0.1089 during yesterday’s trading session before a downward correction started and pushed the price back to $0.1050 where it faced difficulties. On the hourly chart, a support was formed at $0.1030 against the USD. The trading pair tested the support near $0.0950 but the buyers were able to protect ADA from more declines. The ADA to USD trading pair was unable to hold the gains and declined against Bitcoin and the USD. There is the possibility of an upward move but any move upward will face resistance at $0.1050.

Cardano (ADA) Price Analysis For August 31

The price of ADA experienced a decent move upside above the $0.1000 level against the USD. The trading pair moved above the resistances at $0.1040 and $0.1050 trading as high as $0.1089 before the resistance kicked in. The price resistance led to a downside correction that broke the $0.1040 support and the 100 hourly SMA.

Cardano (ADA) Price Today – ADA / USD

Name Price
cardano
Cardano
$0.048-0.92%

While the price was declining, it broke below a connecting bullish trendline that had support at $0.1030. The pair also cleared the $0.1000 level. However, it was supported against $0.0950. There was an intraday low formed around $0.0969 followed by a correction above $0.1000. The price of Cardano (ADA) even crossed the 23.6% Fib retracement level of the last fall from $0.1089 to $0.0969. This is according to the price analysis of Aayush Jindal on Newsbtc.

From the technical charts, the relative strength index is approaching the 50 level and the MACD on the hourly chart is in the bullish zone. The significant support is at $0.0950, while the significant resistance level is at $0.050

Cardano (ADA) Price Analysis Now

At the time of writing Cardano was trading at $0.0999. This shows a 0.59% fall in price against the USD and a 0.66% fall in price against Bitcoin. The trading volume within the last 24 hours is $55,432,786 while the current market capitalization is $2,590,985,299.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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