Cardano'sValue Surge to Dollar 1: Everything that's Left to Develop
Cardano, the popular cryptocurrency, has been on a rollercoaster ride in August, with significant price fluctuations and potential indicators for future movement.
The rally for Cardano began in late July, following a sell-off, with the price climbing from $0.8215 to a high of $0.9415 on Friday. However, this upward trend was short-lived, as Cardano experienced a major two-day drop from $0.987 to $0.843 on Aug. 17-19. The cryptocurrency briefly reached $1 in mid-August but couldn't sustain momentum, retreating shortly thereafter.
Currently, Cardano appears to be forming a resistance zone above $0.9, in the range of $0.93 to $0.99. Multiple retests of this resistance zone have occurred since Aug. 15, suggesting a potential barrier for further growth.
The likelihood of consolidation remains before a decisive move, as the markets continue to be affected by macroeconomic uncertainty. This week, markets plunged in response to the uncertainty, causing long liquidations. However, momentum indicators such as the daily RSI have flipped into the positive zone, hinting at a slight edge for bulls.
If Cardano is to achieve $1 and above, this resistance range needs to be squashed with enormous buying pressure. Subsequent attempts by the bulls to hit $1 stalled just above $0.90, indicating a strong resistance at this level.
It's important to note that there is no current information about whether Cardano will reach $1 again. The author who wrote the forecast for the Cardano price for August 18 is not specified in the provided search results.
The recent rise was prompted by Federal Reserve chief Jerome Powell signaling the central bank may not wait for perfect inflation before reducing interest rates. This potential monetary policy shift could have a significant impact on the cryptocurrency market, including Cardano's price.
In conclusion, while Cardano has shown signs of potential growth, the current resistance at $0.9 and the overall market volatility make it a risky investment. Potential investors are advised to closely monitor market trends and news before making any decisions.
