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Cardano short-term Price Analysis: July 22

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Cardano short-term price analysis: September 16

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After testing the range high at 1446 sats [$0.1337] Cardano seems to be heading south and has already depreciated by 10.48%. However, this dip is not all bad, as a small pump might be on its way. With the formation of a descending channel, ADA’s price is looking at a 4-8% surge, perhaps even 13% if the bulls pull through.

 1-hour chart

Source: ADABTC TradingView

The above chart shows the price heading down towards the center part of the descending channel, which happens to coincide support at 1276 sats or $0.1179. This point could be the right opportunity to long ADA with a risk-to-reward ratio of 2.36 and 4.77. However, for the latter, the stop-loss could be less stiff to prevent any immediate crashes/slips.

Either way, there are three targets, 1327 sats, 1381 sats, and 1446 sats, the last one would yield an approximate profit of 13%, should ADA pump. With the RSI indicator heading towards support [36.18] as well, this long position seems more than likely to occur.

It should be noted that the moving averages [21 MA – orange] will act as a resistance for the initial pump, overcoming this would open up a path 1328 sats aka the first target, where the 100 MA [pink] will resist ADA from more advancement.

Any pump beyond this level would be a little hard to come by, especially considering, the 200 MA [purple], which will definitely hinder ADA’s pump and might even exhaust the buyers.

Altcoins in general

With Cardano sitting comfortably at the 7th position and a market cap of $3.133 billion, the coin has seen a 1.42% surge in the last 24 hours. The same can be said for altcoins, all of which [in 24-hour time frame] are flashing green; XRP up by 0.65%, BCH by 1.51%, LTC by 3.29%. Clearly, the alt season is in especially with Bitcoin pumping around 2-3% after weeks of inactivity.


Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.
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