Cardano Charts “Looking Bad,” ADA Bulls Still Looking For a Rally above $3
Cardano (ADA), the 3rd largest cryptocurrency by market cap, is still in a bearish trend. The price of ADA has been declining since January and it’s looking like there may not be a turnaround in sight.
Cardano’s cardano dominance chart has been looking bad lately. The cryptocurrency is still looking for a rally above $3, but it doesn’t seem like that will happen anytime soon.
Do Cardano traders have their spacesuits on?
Is the rise finished, and the nine-month gains are gone?
Is the September 12 big event priced in for ADA bulls?
Cardano’s Price and Market Performance
These are the difficult issues that Cardano bulls and ADA traders must answer. It’s been a smooth three quarters and more for ADA, which has risen from the ashes of under $0.05 to a high of nearly $3.3.
ADA is now ranked third in terms of market capitalization, overtaking BNB. This is a tremendous achievement, and it’s one of the reasons why Cardano is a hot topic among traders. If anything, this is a remarkable achievement that ought to be recognized. It should be emphasized, however, that Cardano is still a work in progress.
Staking is already available, and the project is one of the most decentralized Proof-of-Stake blockchains. Smart contracts will be added soon. It will be released on September 12th, and is eagerly anticipated. Before then, ADA traders had been scooping on dips, which explains the recent near-perpendicular gains.
The September 7 teaser, on the other hand, seemed to have shattered sales. ADA is in red on the daily chart, within the large volume bear bar. From a technical standpoint, this is negative in terms of Effort-to-Results.
The difficult issue is whether ADA will recover its losses and print a new all-time high above $3.
ADA is $5.
It’s a trader’s point of view on Twitter.
ADAUSDT: An examination of the 15-Day Diagonal Trend Lines and “possibilities” if Wyckoff LONG TERM Accumulation Phase E “RESUMES.” pic.twitter.com/UBMzmMi6C8
September 8, 2021 — Wyckoff Mode (@ModeWyckoff)
While the analyst recognizes this week’s selling pressure, he believes the market will continue to rise in the coming days.
According to him, the race to $3 and a new all-time high of $5 is contingent on ADA bulls’ ability to reject lower lows.
As a consequence, once there is a closure above the previous ten days highs—at $3—the following Phase E accumulation based on Wyckoff principle would be the fuel jet for $5, representing a near 2X rise from September 2021 highs.
Cardano is expected to more than triple in value to $10.
A trader on Trading View, on the other hand, is more upbeat.
ADA/USDT prices are moving within a rising channel—visible in higher trading time frames—and are open for at least $10, according to the analyst’s technical analysis.
After making huge gains in August, a correction was unavoidable. With the September 7 losses, this is exactly what occurred. According to him, the retreat provided a chance for aggressive Cardano traders to double down in lower time frames and load the dips.
Even yet, as previously said, for the recovery to be genuine and more powerful, ADA must resist selling pressure and prices trend above $2.3—Hi 2021 highs.
According to the trader, a significant recovery from spot levels would see ADA rocket above $3 and more than quadruple by the end of the year, recording at least $10.
Sentiment in Cardano is “Negative.”
Traders, on the other hand, are advising prudence.
Goguen may be a great buyer’s trigger, but the trader says the ADA/USDT charts are “looking awful.”
Short-term traders may want to wait until the enthusiastic Cardano bulls have defined a solid trend. Long-term HODLers, on the other hand, might find entry at every downturn.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.
The ada dominance is a chart that shows the percentage of coins in each cryptocurrency. Cardano has been on a downward trend for the past few weeks, but it is still looking good for bulls to push ADA above $3.