Cardano Price Prediction September 2021: ADA Finds Support At $2.31

ADA Technical Analysis – September 2021

Monthly Analysis

In the last 30 days, ADA initially increased by 65%. This increase was marked by an all-time high of $3.1. Nonetheless, ADA started declining after that as the trend was broken. It decreased by 35% in a matter of days. After that, ADA started increasing again but was stopped at $2.8. Recently, ADA found support at $2.31.

Cardano Price Prediction September 2021: ADA Finds Support At $2.31

Weekly Analysis 

In the last 7 days, ADA decreased by 17%. However, it found support at a previously tested support level. Now ADA aims to test the resistance level at $2.45.

Daily Analysis

In the intraday chart, ADA has been highly volatile. In the following hours, ADA aims to break the current short-term downtrend. However, ADA is still bearish in the 1-hour chart.

Cardano Price Prediction September 2021: ADA Finds Support At $2.31

Key Structures

Support

  • $2.31

Resistance

  • $2.45

Indicators

Moving Average

The 20-day moving average is now above the price. This might suggest that the trend is now downward and that the price may keep going down. The MA line can act as resistance in the coming days.

The 9-day EMA is very close to the price and has recently acted as resistance for ADA. It may also indicate that the short-term trend is downwards and that ADA may decrease in the coming hours.

Relative Strength Index

The RSI has been slightly increasing in the last couple of days. It is below 50, indicating that the price has a lot of room to grow and increase in the longer term.

MACD

The MACD line is below the signal line and has now gone below the baseline. This indicates that the current momentum is bearish and the sellers have taken over for ADA. 

Fear & Greed

The fear and greed indicator in a 4-hour chart suggests that the current emotion for ADA is neutral. After the recent high, there was more greed, but due to the recent price decrease, the emotion is now neutral. 

Cardano Price Prediction September 2021: ADA Finds Support At $2.31

Fibonacci

The Fibonacci levels drawn from the most recent uptrend suggest that the recent support of ADA was at the 61.8% level. This retracement might be just what ADA needed to rebound and go even higher. 

Cardano Price Prediction September 2021: ADA Finds Support At $2.31

As for the recent downtrend, ADA has broken the 38.2% resistance, and it may now test the 61.8% level as it also coincides with the upper part of the downtrend channel at $2.45.

Cardano Price Prediction September 2021: ADA Finds Support At $2.31

Price Prediction ADA – September 2021

Based on this technical analysis, ADA might increase if it breaks resistance at $2.45. If that happens, then ADA can close to $3 once again in the coming days. However, if it fails to pass resistance and support at $3.1 is broken, then ADA could go close to $2.2 in the short run. 

As for the long run, experts forecast that ADA has the potential to go close to $30. Many variables may contribute to that. Perhaps the biggest of them all is that ADA aims to compete with Ethereum. Ethereum’s fees have become so expensive. Cardano, on the other hand, is much more cost-efficient and less crowded, which might be a crucial factor in why developers can shift from ETH to ADA.

Latest News for ADA – Affecting Price

Recently, Cardano launched its smart contracts. While the anticipated impact was not immediate as many predicted, Cardano can grow exponentially in the coming months. These smart contracts have given Cardano the upper hand when it comes to its competitors. It can potentially make ADA one of the greatest investments of 2021.

Also read: Cardano Price Prediction 2021 and Beyond – Is ADA Price Going to Explode After Launching Smart Contracts?

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