In today’s article, we will be looking at some factors and past price trends in order to formulate a Cardano (ADA) price prediction for August 2019.
Short Cardano Description
ADA is the native cryptocurrency of the Cardano platform, the first blockchain project that was developed based on a scientific philosophy, and the only one developed by a global team of leading academics and engineers.
In addition to digital fund transfers, Cardano can also be used as a technological platform which is capable of running financial applications as well as decentralized applications, or dapps.
Cardano (ADA) Current Stats
Cardano (ADA) is currently trading at a price level of $0.049, with a decrease of -2.22% in the last 24-hour period. The ROI (Return on Investment) for ADA is marked as 126.89%. The price is estimated to remain around the same level by the end of the day.
The ADA coin has had a 24-hour trading volume of $28,690,447 USD, a market cap of $1,275,196,786 USD, and a circulating supply of 25,927,070,538 ADA.
The coin’s highest value over the past 7 days was of $0.053496 USD, while the lowest value was of $0.044860 USD. The highest and lowest values for the past 24-hour period are close to these values, with $0.050633 USD and $0.048842 USD, respectively.
The coin is currently ranked at 13th position in the crypto market according to its market capitalization.
Cardano (ADA), like the rest of the market, is experiencing a decrease in price. While there were high hopes of recovery in the coin price, the previous month proved to be overall disappointing.
Cardano (ADA) was among the first altcoins to bear the brunt of the market fall. It is expected that day traders will not see any action from this coin, but there are signals that the coin might recover in the following days.
Cardano (ADA) Price Prediction: Analysis
From the monthly charts of Cardano, we can observe that there has been a decline in price with some small increases here and there.
On 28th July, the coin was trading at $0.0599. On the same day, the coin decreased to $0.056 which meant a loss of 1.19%. the following day, the coin made a slight recovery from $0.059 to $0.060, which meant an upsurge of 2.30%. The last day of the month of July also recorded a decrease of 1.18% as the price once again went back to $0.059.
The coin started the month of August around the $0.059 mark, with a small upsurge was of 0.59% to $0.06. But then the coin continued declining day by day. The first drop marked a decrease of 2.31% as it went down from $0.06 to $0.058.
ADA went down further, and as of August 9th, the coin went below the $0.050 mark. From August 10th to the 15th, the coin maintained itself around the $0.050 level, falling again on August the 16th.
With the correction on August the 16th, the Cardano (ADA) price formed a symmetric triangle, and now it seems that the coin is breaking from that triangle. After this, Cardano started gaining an upward movement but met resistance at the 0.06 USD price level.
The coin’s market once again decreased after it traded below the resistance level, going down to $0.05 and consolidated, which led to the formation of the symmetric triangle. The bearish trend has broken the price out of the symmetric triangle.
The bottom of the symmetric triangle was tested on August 8 by a bearish downswing, but it met resistance by the bulls. On August 14, the bears managed to break the lower line of the pennant which indicated that the bear trend was not over. If a bear trend breaks the lower line of the triangle, it is expected that the bearish sentiment will continue to make the ADA price fall.
Conclusion for Cardano (ADA) Price Prediction Analysis
The coin is expected to continue its downward path after the bears managed to break the bottom of the bearish pennant. The overall crypto market has been quite in a slump since last month, and as expected most altcoins, including ADA, were impacted by this.
While there are no indications that there might be a recovery in the next couple of days, traders are still anticipating a price rally in the next week. Thus, the market hopes that ADA will close the month of August at a higher price.
Market Predictions for Cardano (ADA) Price August 2019
Longforecast Cardano (ADA) Price Prediction for August 2019.
The Longforecast website predicted that:
“In the beginning price at 0.060 Dollars. Maximum price $0.061, minimum price $0.042. The average for the month $0.052. Cardano price forecast at the end of the month $0.045, change for August -25.0%.”
Cryptonewz Cardano (ADA) Price Prediction for August 2019
The Cryptonewz crypto forecasting website presented its ADA prediction for August based on chart indicators: “The RSI period 14 is level 32, which suggests that the market is in the oversold region. The price fell to the oversold zone, and that could suggest longer-term consolidation. The 12-day and 26-day EMA are above the price and are pointing towards southward hinting that the market is bearish.”
Based on this the site concluded that: “The market of Cardano (ADA) is expected to reach the demand zones of $0.03 and $0.04 price levels.”
Previsionbitcoin Cardano (ADA) Price Prediction for August 2019
The PrevisionBitcoin site is expecting that August 2019 will bring a substantial boost in Cardano’s price. They also anticipate that the mass adoption of this cryptocurrency is highly likely to happen in the next months. “We expect on August 2019 a Cardano rise with a strong capitalization and consequently a concrete value per coin increase.” – concluded the site.
According to charts and market sentiment, it seems that Cardano will not be doubling its price anytime soon. Most of the market has made very conservative predictions regarding ADA’s price performance, as the bearish movement is still present in the overall crypto market.
Still, traders are optimistic that August 2019 will end with an increase, even though it will probably be a small one, for Cardano’s crypto ADA.
To find out what predictions have been made for Cardano for the end of the year, please go to our Cardano yearly prediction for 2019.
Featured Image: Bitcoin Exchange Guide
Source From : Coindoo News