Cardano are trading at 2.0912 and continue to move within the rally and the bullish channel. The capitalization of the Cardano cryptocurrency at the time of the publication of the forecast is $66,936,398,869. Moving averages indicate a short-term bullish trend for Cardano. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a rise in the value of a digital asset and a test of the resistance level near the 2.2150 area. Where can we expect a rebound again and the continuation of the fall in the Cardano rate with a potential target below the level of 1.6755.
Cardano Forecast and Analysis ADA/USD August 20, 2021
In favor of reducing the ADA/USD quotes, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper curtain of the “Double Top” pattern. Cancellation of the coin fall option will be a strong asset value and a breakdown of the 2.3555 area. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 2.8505. With the breakdown of the support area and closing of quotations below the level of 1.8205, we should expect confirmation of the development of the “Double Top” reversal pattern.
Cardano Forecast and Analysis ADA/USD August 20, 2021 suggests an attempt to correct and test the resistance area near the level of 2.2150. Where can we expect a rebound and the continuation of the fall in ADA/USD to the area below the level of 1.6755. An additional signal in favor of reducing Cardano will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 2.3555 area. This will indicate continued growth of the cryptocurrency with a target above the level of 2.8505.
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