Briefly –
- Cardano’s (ADA) price remains in the middle of the monthly price range.
- Further price developments appear to favor Cardano bulls, and technical signals confirm.
- Analysts believe ADA’s will rise back to levels beyond $3 by September end.
Cardano trades on a weekly bounce at $1.90, while its record high this year stands at $3.16. The weekly price action is at the medium of the range. However, bulls appear to have some ingredients that would help catalyze upside moves towards $3.16.
ADA Cools Off and Seem Ready for a Rise Higher
ADA buyers appeared patient over last week until the chance for long Cardano positions occurred. Sellers managed to control the market, sending the price down to $1.89, a vital price area over the past sessions. The level propelled ADA on 16 August for an upside move that lasted for two weeks. Sellers taking the asset down seems attractive for the rally as ADA price actions were getting overheated. Moreover, the indicators started flashing overbought gestures.
After the $1.89 bounce, ADA supported the rally that started in July, forming a green ascending trend-line. For now, the line serves as a reference zone for sellers and buyers. The currency has chances to retest this trend-line. However, such developments might translate to an entry-level for sidelined buyers that missed the chance at $1.89 last week.
If the weekly candlestick manages to close beyond the green ascending line, Cardano will retain its bullish outlook. For now, the network might not see many sellers’ countermoves as they do not have a significant entry point. Meanwhile, if the asset climbs to $2.74, it might encounter a resistance that would not last. At this level, bulls can magnify their actions to take ADA to $3, then $3.16, its record peak this year.
If ADA sees market sentiment, sellers will control Cardano in cases where the green ascending trend-line breaks. From there, sellers might push Cardano down to retest $1.89. Meanwhile, market players seem optimistic towards Cardano.
Do you think that ADA will attain its target before this month’s end? You can comment below.
