Cardano (ADA) Price Analysis for August 22

The last day of the weekend is rather more bearish than bullish for the cryptocurrency market as the majority of the top 10 coins are in the red zone.

ADA/USD

Cardano (ADA) is the only gainer from the list, rising by 4% since yesterday, while the price change over the last week has increased by +21.48%.

On the hourly chart, the decline may have finished for today as bulls are showing strength at the mark around $2.55. Thus, the selling trading volume is going down, which confirms bears’ weakness.

In this case, one might expect a bounceback to the resistance of $2.60 by the end of the day.

On the bigger chart, there is a high possibility of seeing a test of yesterday’s high at $2.52 before the growth continues. One should consider such a move as gaining power for an ongoing price rise.

On the weekly time frame, the drop may be more profound. If a decrease occurs, Cardano (ADA) may test the previous peak at $2.47, followed by a bounceback.

ADA is trading at $2.57 at press time.

   
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