ADA Technical Analysis – September 2021
Over the last month, ADA increased by more than 60%. Then, it was followed by a dip and fell by 35%. After that, the price attempted to increase again, but it encountered resistance at $2.8. Despite the recent dip in the price, the long-term nature of ADA is still bullish.
In the last 7 days, ADA increased by 40%. It then declined by 17%. Based on the current trend, ADA is bullish, and the key structures are going to be crucial in determining the outcome in the coming days. A triangle pattern has emerged in the weekly chart, indicating that a breakout might potentially occur.
In the intraday chart, ADA has been highly volatile. In a 1-hour chart, ADA is bearish, indicating that the price might keep declining in the coming hours. However, in the longer term, ADA is still bullish.
The 20-day moving average is now above the price due to the recent price dip. This suggests that ADA has to test the resistance that the MA line can bring.
The 9-day EMA is also above the price, indicating that the trend has reversed and that the EMA line might act as resistance in the coming days. That remains to be seen if a breakout occurs.
Relative Strength Index
The RSI is below 50, meaning that it is fairly average. While this indicates bearish momentum, it also means that ADA has a lot of space to grow in the coming days
The MACD line is headed below the baseline since it is also below the signal line. This suggests that the selling pressure for ADA is higher than the buying pressure.
Fear & Greed
The fear and greed indicator suggests that the current emotion dominating in the ADA market is fear. While
The Fibonacci levels from the beginning of the uptrend suggest that the price of ADA is yet to retrace to 61.8%. It recently found support at 38.2%. If a bullish breakout occurs for ADA, then we might see ADA attempt to break its all-time high.
Price Prediction ADA – September 2021
Based on this technical analysis, ADA might have a breakout and retest resistance at $2.8. If the resistance is broken, we could see ADA attempt to break its all-time high. A price of $3.6 is quite possible in the longer term for ADA. If support at $2 is broken in the coming days, then we midnight not see ADA increasing any time soon.
Latest News for ADA – Affecting Price
Cardano has recently implemented smart contracts in its network. This long-anticipated was a huge upgrade for Cardano, and it may have positive effects in the coming weeks for the price of ADA. Such an update can further establish Cardano’s position in the top 10 market rankings, and it can make it one of the best cryptocurrencies to exist.