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Cardano News Today – Cardano ADA is Struggling to Gain Momentum But a Bullish Reversal has Formed Against Bitcoin – August 23rd, 2020

  • Cardano ADA’s Price Has Fallen Below the key Support Level with Next Support at $0.1200
  • Cardano ADA is Forming a Bullish Reversal Against Bitcoin Despite the Bearish Momentum 

Cardano News Today – Cardano ADA has a good run in the first few months of 2020. Eventually, the token started losing momentum falling below key support levels and losing most of its recent gains. The July high now seems far-fetched and the token runs the risk of declining significantly against the USD of the support at the $0.1200 level doesn’t hold. While Cardano ADA isn’t doing well against the USD, there are signs of an upcoming reversal for the token against Bitcoin BTC. The decline against the Bitcoin BTC might be coming to an end soon.

Cardano News Today – Cardano ADA Might Outpace Bitcoin BTC if Bullish Reversal Trendline is Reached

At the time of writing, the price of Cardano ADA was $0.121235. This means that it is down by 2.26% against the USD and down by 2.08% against Bitcoin BTC. The trading volume over 24 hours was $255,771,475 and the market capitalization was $3,143,256,400. Despite the initial rally against the USD and BTC, there is still a chance that Cardano ADA will surge against the USD. The funny thing about the recent decline of Cardano ADA is that the token was falling even when other altcoins were rising.

A technical indicator known as the Tom Demark Sequential has appeared on the Cardano ADA technical charts showing that the token might be preparing for a rally against Bitcoin BTC. This time-based indicator prints 9 and 13 candles whenever a token is at an inflection point. It has always been the trend. This time, a buy 9 candle has appeared so an upside surge against Bitcoin is possible. One analyst had this to say about the Cardano ADA token. In his words;

“Just took a look at a random major $ADA. Notice how each rally is weaker, with a smaller impulse and declining volume. There are red flags everywhere for me. Yes, there’s no confirmation but we really can see some pullbacks deeper than you expect. This looks ready to fall off a cliff.”

He isn’t the only one who believes that the Cardano ADA token is going to surge. Another analyst from NewsBTC said that Cardano is now trading in the same direction as it was toward the beginning of 2019 before it entered a parabolic bull run. In his words;

“Most (altcoin) cycles in crypto are centered around bitcoin volatility. When it dries up, no one wants to trade BTC which becomes evident from the volume as well. This leads to a large uptick in speculation on alts, driving their prices up – typically alts with strong narratives & large scale memetic behavior get the most volumes.”

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

Source
Smartereum

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