ADA/USD Bottomed Out Along the $1.34 Support

Trader Kyer, an analyst on TradingView, shared his thought about the price action of Cardano (ADA) and the following targets he’s looking at in the upcoming month of September.

Cardano has been in the news a lot recently, garnering support from prominent investors across the board, with big institutions like Grayscale Digital Assets buying a decent amount of the supply; all patiently waiting for the smart contract upgrade / update.

Around ~70% of the network is currently being staked making passive income, which is a higher % than Ethereum.

Looking at the chart of ADA technically, we see that the absolute bottom was a bounce off the 3.618 Fib level at $1.09 without a daily candle close below.

The bulls would not let the price of ADA dip below $1 and reversed it back upwards to the current Spot trading price we see right now at $1.38.

ADA has regained the 4.236 level as support on this recent move upwards as well as regained access inside this ascending triangle it broke out of before when it hit a local high of around $2.30.

From here, i’m expecting ADA already to have priced in its bottom and continue moving back upwards with the rest of the market — BTC, ETH as the key markers of price sentiment.

ADA in the coming weeks should turn the $1.48 level of resistance into support and continue climbing upwards towards new local highs when the smart contract upgrade releases.

The main two targets i’m looking for are $1.85 & $2.30. These are key levels that haven’t been touched since making the local high back in the middle of May.

As always please do your own research, I am not a financial advisor.