Cardano has taken a fairly quiet turn in recent days as it remains within the higher realms of its range and attracts traders.
ADA / USD has produced a range of trading pretty quiet last week, which is not exactly common for the cryptocurrency. Speculators should be intrigued if they look at the graphics ADA / USD technicians. You will immediately notice what can be perceived as a consolidated price band in recent days, as Cardano is at the upper level of its values.
And this is not an ordinary price range for ADA / USD; Cardano’s current value is actually quite close to its all-time highs. On September 2, a price of approximately 3,100,000 was reached, and although the value is closer to 2,885,000 at the time of writing this article, the distance between the two indices is not very great. Given the notion that ADA / USD was at a meager 1.880000 on Aug 18 and has exhibited a sustained bullish streak since July 20, speculators with bullish sentiment would be pressured not to be enthusiastic.
While the cryptocurrency market in general remains on solid ground as well, ADA / USD’s ability to correlate and perhaps even outperform many of its major counterparts is arguably a strong sign as well. What may cheer speculators is ADA / USD’s ability to have hit a high just four days ago and not take a precipitous drop. It is worth noting the technical trading that shows a sustained and fairly quiet price range in recent days.
Yes, the ADA / USD has pulled back slightly since hitting its all-time highs. Speculators must wonder if this calm in the market is a sign that the consolidation will cause a breakout and what direction will this follow volatility. The ADA / USD and its current price range from last week should not fool speculators into thinking that everything will remain quiet. Cardano has a history of rapid results with a strong dose of rapid value changes.
Speculators cannot be blamed for looking at ADA / USD as a potential technical buy as long as it remains close to its current price. If he medium In the short term proving to be adequate near the 2.850000 to 2.810000 coordinates, ADA / USD may provide another leg to the upside which really challenges the 3.000000 ratio sooner rather than later. Cardano is a speculative asset, traders need to practice managing the risk, but a bet on upward momentum looks attractive right now.
Cardano Short-Term Forecast:
- Current Resistance: 2,939,000
- Current Support: 2,815,000
- High Target: 3.010000
- Low Target: 2.690000