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Cardano (ADA) Price Analysis for September 19

source-logo  u.today 19 September 2023 16:58, UTC

There is no one-way trend on the cryptocurrency market today as the rates of some coins are rising, while others are falling.


The rate of Cardano (ADA) has increased by 0.26% over the last 24 hours.

On the hourly chart, the price of Cardano (ADA) is located closer to the resistance than to the support; however, one should pay attention to the daily bar closure. If the upward move continues, the breakout of the $0.2580 level might lead to a further rise to the $0.26 zone.

Despite today's rise of ADA, it is too early to think about a bullish reversal as the rate remains far from the vital level of $0.2612. Until the price is below it, there is still a chance to see one more wave of decline.

But if the candle closes near $0.26, bulls can seize the initiative, which might lead to a test of the $0.27-$0.2750 range soon.

From the midterm point of view, one should focus on the bar closure in terms of the last candle. If it happens above the previous bar peak, traders are likely to see a bull run. In this case, the energy can be enough for growth to the $0.27-$.28 zone. However, it might take a few weeks.

ADA is trading at $0.2551 at press time.