Cardano (ADA) Price Analysis for August 18
Aug. 18 has started with a rout in the cryptocurrency market, with the majority of assets remaining in the red.
Cardano could not withstand the bears' pressure and its rate has declined by almost 4 percent over the last 24 hours.
On the small time frame, Cardano made a false breakout of the $1.90 level against the increasing trading volume. Now, the rate is coming close to the psychological $2 mark.
If buyers can hold this level, then the uptrend might continue to the zone of the most liquidity at $2.12.
On the four-hour chart, the continuation of the uptrend is also more likely. The buying trading volume is low, which means that traders are accumulating power for another major move. Respectively, there is a chance of seeing the return to the point where the decline started from $2.25.
From the mid-term perspective, Cardano made a false breakout of the support at $1.89. Until bulls hold this level, the overall picture remains bullish. However, at the moment, one can expect the sideways trading streak to continue for a few more days in the range between $1.89 and $2.25.
Cardano is trading at $2 at press time.Source