In the past seven days, the price of Cardano (ADA) has remained in a narrow range between $0.82 and $0.87. Let’s explore the current indicators and potential scenarios for September.
ADA Price Status
Over the last seven days, ADA has exhibited sideways movement, maintaining a range between $0.82 and $0.87. Support at $0.82 is intact, while sellers retain control over sharp increases above $0.87. This follows a brief reach to $1.01 in August, after which momentum faded and prices returned to lower levels.
Analyst Signals
Analyst Ali Martinez has shared optimistic findings regarding ADA, noting a buy signal on the TD Sequential indicator. This technical analysis tool is used to identify potential reversal points on charts by counting sequences of candles in upward or downward trends. Martinez indicated that this may point to exhaustion of the current trend and the potential for a bounce in prices.
September Prospects
There is now a possibility for a breakout. Given the significant number of short positions, a sudden increase in buying could trigger a short squeeze that accelerates price gains. A break above $0.87 would signal further growth towards $0.95 and possibly to the key level of $1. However, if the price fails to hold above $0.82, the next support lies around $0.76, which could delay any hopes for a breakout in September.
ADA remains one of the more closely watched altcoins as it consolidates near a crucial level. With indicators showing positive signs, September could be a decisive period for reaching the $1 mark.
