Cardano Analysis for September 2022: Can It Sustain Its Market?

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It is a fact that Cardano is among the most prominent cryptocurrencies on the market today. Designed as a sustainable, flexible, and scalable platform, will it keep its sustainability? Let’s find out in this Cardano analysis.

Cardano: A Short Market Analysis 

Considered as the top 8 crypto asset, Cardano (ADA) has poor performance, and its price plateaued in pre-defined regions for a longer period. In addition, the asset has been experiencing high pressure that doesn’t let the bulls uplift its price beyond the local resistance above $0.56.

It only means that the September trade is anticipated to close on a bearish note. The price of Cardano needs to find a strong base for igniting an upswing over the resistance required in the following days.

Will Cardano rise above $0.7 before the Q3 ends? 

Cardano has had decremental trading since the start of 2022 after losing the $1 mark in mid-April. Unfortunately, the intense negative market conditions triggered the price down of more than 65% from annual highs.

Recently, Cardano doesn’t seem to increase beyond the bearish trap; instead foresees a bullish rally after the new bottoms. With this, ADA extremely dropped its price and has been unable to rise since May 2022.

Good thing Cardano respected crucial support at $0.4 regardless of multiple failed attempts. In the following days, there’s a hope of squashing the levels when the asset developed a clear bearish flag.

It is also possible that the consolidation breakout can compel the price of Cardano to hit the lower support at about 0 FIB levels, only below $0.4. Meanwhile, there will be no quick recovery because the asset price may consolidate around such levels this mid-September. With this, Cardano’s price may increase and surpass the FIB 0.23 levels at $0.516 at the end of the Q3 trade.

If the asset maintains its sustainability at such levels, there’s a potential that bulls can increase the price of ADA close to 0.38 FIB level close to $0.6 in the early days of Q4 this year. If the asset fails to sustain the increasing momentum, it can pull back to the $0.456 support level.

Recent developments in Cardano 

Cardano’s 4-hour time frame analysis can offer lead to buyers because the price of the asset has improved since the trading session started, following the bullish lead on September 17. Generally, the bulls are in the lead, and some high spikes are achieved.

This positive scenario favors the bulls since they successfully cornered bears. The coin value has risen to $0.4746, former highs in the last 4 hours. The RSI or Relative Strength Index score increased quickly and achieved a 51.49 index, which is appreciable. Thus, it favors the buyer’s side and can rise as the buying activity continues.

The daily time frame for the Cardano represents that the market was uptrend in the past few days. The ADA/ USD pair was recently trading at $0.4746. It also seems to keep its upward movement. The asset’s 24-hour trading volume on the pair is about $257 million. Additionally, there is a $15.3 billion total market capitalization. On September 18, the MA for the price was $0.4702, below the recent market price.

Cardano is recently trading over 70% from 2022 highs. So, if you decide to buy Cardano in September, you need to be ready, so its price may weaken. The critical support level will be at $0.40; if the price is below it, the next target price can be around $0.35 or even below.

A strong resistance level is around $0.60. If the price of ADA has surpassed this level, it can be a good sign that you should trade with the cryptocurrency. Then, you can open the way for $0.70.

With the help of this analysis, you will be able to determine the best time to trade. It can also help you formulate effective strategies to improve the quality of your trade with Cardano.

If the asset’s market condition is unfavorable to you, it’s essential to have patience and discipline. As the price increase, that’s the perfect time to invest in the cryptocurrency to get a rewarding result.

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ChesWorkShop commits to presenting fair and reliable information on subjects including cryptocurrency, finance, trading, and stocks. However, we do not have the capacity to offer financial guidance, advocating instead for users to conduct their own diligent research.

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