- Cardano (ADA) is holding around $0.92, struggling to break above $0.95–$0.98 resistance.
- Short-term weakness emerged after rejection at $0.99, pushing ADA toward $0.91 support.
- Technical signals show mixed momentum, with oversold RSI suggesting a possible rebound.
- A breakout above $0.95 could retest $1.00, while failure below $0.91 risks drops to $0.89 and $0.85.
Cardano Price Holds Near $0.92
Cardano (ADA) is trading at $0.92 after failing to maintain levels above $0.98 earlier this week. While the broader trend since July remains bullish, ADA has slipped back into consolidation as buyers struggle to maintain momentum at higher levels.
Currently, ADA is testing support between $0.89 and $0.90, a crucial demand zone that has previously kept the price from further declines.
Technical Analysis: Support and Resistance Levels
On the 4-hour chart, ADA is hovering around its 20 and 50 EMAs, with the EMA20 at $0.93 now acting as resistance. Stronger support is provided by the 100 and 200 EMAs at $0.85 and $0.80.
Also Read: Cardano Jumps 26% with Increased Open Interest and TVL
- Bollinger Bands are tightening at $0.92, signaling an upcoming volatility breakout.
- The Supertrend indicator remains bullish above $0.89, meaning ADA has not yet flipped bearish.
- A breakdown below $0.89 could open the door to a deeper correction toward $0.82.
Why Is ADA Price Falling Today?
ADA faced rejection at $0.99, the top of a symmetrical triangle on the 2-hour chart, triggering a pullback toward $0.91 support.
- The RSI (30-min) has dropped to 35, suggesting near oversold conditions.
- The MACD histogram is flattening, showing slowing momentum.
- VWAP indicates ADA is trading below session averages, confirming weaker intraday demand.
Also Read: Cardano’s DeFi Growth: Will Increased DEX Activity Save ADA from Falling Prices?
On-Chain Signals: Profit-Taking Pressure
On-chain flows add more pressure to ADA’s price action. Exchange netflows show that around $14.9 million in ADA moved out on August 18, pointing toward profit-taking activity.
Meanwhile, the Money Flow Index (MFI) at 46 suggests weakening buyer strength, reinforcing short-term bearish sentiment.
Cardano Price Outlook for August 19
The symmetrical triangle pattern forming since mid-August is nearing its apex. ADA is oscillating between $0.91 support and $0.98 resistance, and a breakout in either direction is likely soon.
- Bullish Scenario: If buyers reclaim $0.95–$0.97 with strong volume, ADA could retest $1.00 and potentially rally toward $1.02.
- Bearish Scenario: If $0.91 fails, ADA risks dropping to $0.89 and $0.85, where strong demand and EMA support converge.
Given the oversold RSI conditions, ADA may attempt a short-term rebound, but momentum remains fragile. Traders should watch $0.95 resistance and $0.91 support as key levels to determine ADA’s next move.
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