Cardano has jumped higher since the 19e August and its ability to stay near its all-time highs could lead to more speculation.
The ADA / USD, as of this writing, is near 2.80,000 as it hovers in light of its record prices that were hit on the 23rd.rd August near the ratio of 2.970000. Cardano is now the third highest rated cryptocurrency in terms of market capitalization and it has been added to the Coinbase exchange, which has likely improved visibility. ADA / USD has consolidated the last few days of trading like most major cryptocurrencies, but its ability to swim to record highs is making the difference.
ADA / USD can produce volatility like all cryptocurrencies. Cardano’s ability to add almost 200% value from its 20th lowse July when it crossed barely above 1,000,000 should be taken into consideration. The ADA / USD not only recovered, but also exceeded the expectations of bullish speculators who were fortunate enough to continue long positions.
The 3,000,000 ratio now appears to be the next hurdle for ADA / USD when it comes to bullish momentum. While Cardano certainly peaked a week ago, the past few days have produced consolidated trading and some speculators may become increasingly anxious as they anticipate the next wave of ADA / USD volatility. Short-term resistance appears to be around the 2,800,000 to 2,850,000 levels, and if these marks can be challenged and values ââcan suddenly trade above these ratios, this could be a solid sign that momentum is moving. additional bullish will develop.
The support levels are also pretty close, and the 1.690000 mark looks pretty adequate, but if it fails to dampen the sell off, the ADA / USD could undergo a quick test of junctions between 1.600000 and 1. , 550,000. After reaching historic highs on the 23rd of August, the ADA / USD fell to around the 2.440000 level on the 26e August.
The vast cryptocurrency market produced strong sentiment in August. While many cryptocurrencies have consolidated over the past week, what is intriguing is the ability that many of them have had to consolidate in the short term into their all-time highs. ADA / USD may prove to be an attractive buying opportunity on small, lower reversals that are within current support levels on the notion that a higher reversal will be produced.
Short-term outlook for Cardano:
Current resistance: 2.841000
Current support: 1.690000
High Target: 2.980000
Low target: 2.430000