Cardano, Solana Price Prediction: August 23, 2021
Cryptocurrencies are mainly green apart from a few red dots due to correction from the accrued weekend gains. As reported, Bitcoin lifted above $50,000 for the first time since May, and investors seem to have shifted attention toward $60,000.
Cardano is still the most improved crypto asset among the top ten, having consolidated over 11% in gains to trade at $2.78. Ethereum holds above $3,300 but must bring down the barrier at $3,400 to open the gate for action to $4,000. Other best-performing altcoins include Monero, Filecoin, and Dash.
Cardano has not slowed down the uptrend since it tapped its all-time high last week. The smart contract token stretched the bullish leg higher during the weekend, ADA has traded a new record high at $2.89 (on Binance). However, it is changing hands at $2.78 at the time of writing.
Its short-term technical picture seems highly bullish based on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI). A break above $3 may catapult Cardano to $5. Besides, many analysts believe that it is only a matter of time before ADA rise to this level.
Therefore, closing the above $2.8 would cement the bulls’ position in the market. As confidence in higher support areas rises, more buyers will join the market amid speculation for another upswing toward $5.
ADA/USD Daily Chart
Solana took a hiatus after the majestic rise to $80 last week. The aggressive Ethereum competitor has become a force to reckon with, especially in decentralized finance (DeFi) and non-fungible token (NFT) sectors.
Developers have also been exploring the network’s solutions, accentuated by the bridge that allows data transfer between Solana and other blockchains.
At the time of writing, SOL is trading at $74, following support at $70. The token must cool off the impressive uptrend to all investors to consolidate gains. As stability builds, new buying opportunities will emerge, thereby pulling Solana toward $100.
SOL/USD Daily Chart
Despite the stalling, Solana appears to be confidently in the bulls’ hands, especially when the MACD is considered. However, the RSI shows overbought conditions, implying that a retreat will be likely in the short term. Support at $70 and $60 is in line to prevent extended price correction.Source