Thursday, October 28, 2021
Home Crypto News Analysis Cardano Price Prediction: Key Support Levels To Watch As ADA Is Battling...

Cardano Price Prediction: Key Support Levels To Watch As ADA Is Battling at Critical Support

- Advertisement -

ADA is down 6% today as it falls to support at the 20-day Moving Average (blue line).

Cardano is consolidating within the ascending triangle pattern that started in late June. The coin fell to its lowest price in June and found support at the 200-day MA line (yellow on the chart) at $1.05 and has rebounded sharply since then, forming a bullish triangle.

Read: Cardano Foundation Long Term Plans: Onboard Ten Fortune 500 Companies,1 Billion Users, And 50 Banks

cardano price prediction 8-7-2021

This ascending triangle is called a bullish triangle pattern if it breaks upward however, there is also a breakdown situation. At the time of writing, the bottom corner of the triangle is being tested before possible downfall.

Earlier this month, in July, ADA rallied higher and tried to break to the top of the triangle. Unfortunately, it failed to break the roof at $1.47, where 100-day moving average (Shown In Purple) is acting as a resistance.

ADA price has dropped lower since then, as it has dropped below $1.40 today to find support at the bottom corner of the triangle at $1.33, provided by the 20-day MA.

ReadGrayscale Adds Cardano To Their Product Family


A decrease in volume is usually a sign that anticipates a large price movement. If the price fails to find support at current levels, the move is likely to be downward.

Looking ahead, if ADA price break below the triangle and 20-day moving average, the first support will be at $ 1.31. If price drpped further next support is $1.21 (July lows), $ 1.13 (0.618 Fibonacci retracement) and $ 1.08 (200-day moving average -yellow line).

On the other hand if there is upward price move then the first resistance is at $1.41. This is followed by a significant range of resistance between $1.46 and $ 1.51 provided by the 100-day moving average, and the upper corner of the ascending triangle.

The RSI recently dropped below its centerline again, indicating that bearish momentum may be starting to increase.

ReadCardano Gets On The Top Of Stakeable Assets List With More Than 70% Of Total ADA Supply Is Now In Staking

The overall crypto market is trading in RED so investors have to be cautious and apply stop loss if there is any large drop in crypto marketcap.

Key Support Levels: $1.35, $1.31, $1.21.

Key Resistance Levels: $1.41, $1.46 – 1.51, $1.73.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Shiba Inu Surpasses Dogecoin For The First Time Ever, Shib Becomes First Meme Token To Live Up To The ‘DOGE Killer’ Title

Shiba Inu is now officially the biggest canine coin after surpassing Dogecoin. window.coinzilla_display = window.coinzilla_display || ; ...

MoneyTree Announces the Launch of its NFT Store on Lootex

London, England / October 27, 2021 / MoneyTree, a truly deflationary and fully decentralized gaming token, announced the launch of its NFT store on...

Dubai Financial Regulator Approves Bitcoin Fund Which Is First Registered Product Of Its Kind In The Middle East

Launched by Canadian firm 3iQ Digital Asset Management, the Bitcoin Fund (QBTCu.TO) is the first registered product of its kind in the Middle East.

DOGE Lost Its 9th Position & Slips to 10th By Means of Market Capitalization, Is DOGE Going to Dump and SHIB Going to Pump?

USD Coin (USDC) has just surpassed doge by means of market capitalization. DOGE is standing at $31,026,080,066. ...

TurboXBT Is Introducing Short-Term Synthetic Digital Asset Trading

TurboXBT is delighted to introduce a next-generation cryptocurrency trading experience for both professional and beginner users. By leveraging short-term contracts of synthetic assets in...

Brazilian Giant 99 To Enable Bitcoin Trading On Their 99Pay App

Coindesk report Brazilian 99Pay wallet users will be able to make commission-free transactions in bitcoin. Read: FDIC Chairwoman Says US Regulators Are Exploring Policies For...

Tiki Token is waiting for you – Get it for automatic BNB Rewards

Let’s get things straight.  There are over 10,000 cryptocurrencies out there, at least according to Planet Crypto. But let’s be honest, most of them are...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.