Cardano

Cryptocurrency

<div class="coinidol"> 
 <div class="info"> 
  <div class="news_info">
    Aug 10, 2023 at 08:41 // Price 
  </div> 
  <div class="author-box"> 
   <div class="avatar" style="background-image:url(/upload/resize_cache/iblock/42a/60_60_1/42aa5ec847dba7f5a2bce5378ae70614.png)"></div> <span>Author<br>Coin Idol </span> 
  </div> 
 </div> 
 <img class="page-news__main-pic lazy-load-detail-picture" src="https://coinidol.comdata:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAQAAAC1HAwCAAAAC0lEQVR42mNkYAAAAAYAAjCB0C8AAAAASUVORK5CYII=" data-lazy-src="https://coinidol.com/upload/resize_cache/iblock/87d/900_900_1/jiecsbo5s8d7myt8cohjdfh36e9d3efi.jpg" width="900" height="563" alt="Cardano is in an upward correction" title=""> 
 <p><strong>Cryptocurrency analysts of Coinidol.com report, Cardano (ADA) is in an upward correction after falling below the moving average lines.</strong></p> 
 <h2 style="text-align: justify;" id="cardano-price-long-term-forecasts-bearish">Cardano price long-term forecasts: bearish </h2> 
 <p style="text-align: justify;"> </p> 
 <p style="text-align: justify;"> The uptrend is encountering resistance at the $0.30 high. If buyers surpass the recent high, the ADA price will rise to $0.31. It is also doubtful that the cryptocurrency would continue to rise. Moreover, the daily stochastic indicates that Cardano is trading in the overbought zone of the market. </p> 
 <p style="text-align: justify;"> The ADA price will fall and drop back to the previous low of $0.26 if Cardano fails the $0.30 resistance or the 50-day line SMA. The ADA price will fall and retrace to the previous low of $0.26 if Cardano fails at the resistance of $0.30 or the 50-day line SMA. In the meantime, ADA continues to see resistance at $0.30. </p> 
 <h2 style="text-align: justify;" id="cardano-indicator-analysis">Cardano indicator analysis </h2> 
 <p style="text-align: justify;"> </p> 
 <p style="text-align: justify;"> Cardano is in an upward correction as it has crossed above the Relative Strength Index of period 14, level 47. The price bars are below the moving average lines, suggesting that a decline is possible. Since the Stochastic on the daily chart is above the level of 80, ADA could also decline. It is trading in the overbought area of the market. </p> 
 <p style="text-align: justify;"> <img width="1024" alt="ADAUSD(Daily Chart) – AUG. 9.23.jpg" src="https://cdn.thebittimes.com/images/2023/08/10/9734786f2c5de4fd132686d484933d65.webp" height="570" title="ADAUSD(Daily Chart) – AUG. 9.23.jpg"><br> </p> 
 <h3 style="text-align: justify;" id="technical-indicators"> Technical indicators </h3> 
 <p style="text-align: justify;"> </p> 
 <p style="text-align: justify;"> <b>Key resistance zones: $0.30, $0.35, $0.40 </b> </p> 
 <p style="text-align: justify;"> <b> </b> </p> 
 <p style="text-align: justify;"> <b> Key support zones: $0.20, $0.15, $0.10</b> </p> 
 <h2 style="text-align: justify;" id="what-is-the-next-move-for-cardano"> What is the next move for Cardano? </h2> 
 <p style="text-align: justify;"> </p> 
 <p style="text-align: justify;"> The price of Cardano will decline if it is rejected at the current high of $30. Moreover, the market is overbought, which will lead to a decline in the altcoin, which is in a bearish trend zone, which means that it is likely to fall. The Doji candlesticks are causing the altcoin to move a bit. </p> 
 <p style="text-align: justify;"> <img width="1024" alt="ADAUSD_(4 - Hour hart) - AUG. 9.23.jpg" src="https://cdn.thebittimes.com/images/2023/08/10/63858e86c2d2ef08420d497882840e17.webp" height="570" title="ADAUSD_(4 - Hour hart) - AUG. 9.23.jpg"><br> </p> 
 <p style="text-align: justify;"> </p> 
 <p style="text-align: justify;"> </p> 
 <p style="text-align: justify;"> As we reported on August 04, if the price falls below the moving average lines, the decline will accelerate. At the time of writing, ADA has fallen to a low of $0.29.&nbsp; </p> 
 <p style="text-align: justify;"> <i><span style="color: #a0a0a0;">Disclaimer.&nbsp;This <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.</span></i> </p> 
 <p style="text-align: justify;"> </p> 
</div>

Cardano Reaches Overbought Region And Challenges $0.30 High

Table of Contents

TheBitTimes

Other articles published on Aug 10, 2023

Ripple Joins BIS’s Task Group to Boost Cross-Border Payments

Akash Network (AKT) Explodes Over 50% – But Will It Reach $1? Analysts Weigh In

Early BASE Whales Hoarding Obscure Crypto Including BALD – What Else They’re Buying?

Solana-based Cypher Protocol Halts Smart Contract after $1 Million Exploit

BREAKING! US Inflation Data Announced! Here is the First Reaction of Bitcoin and Dollar!

PayPal’s New PYUSD Stablecoin Raises Centralization Concerns

Join our free newsletter for daily crypto updates!