- Cardano price is in a turning area that could determine the rest of the September trend.
- Ichimoku levels warn of impending weakness and lower prices.
- The oscillators are mixed with some supporting zones up front.
Cardano’s price is very close to the zones where it has to decide its current trend. Cardano needs to hold higher prices to prevent an overwhelming bearish event from occurring on the Ichimoku chart.
Cardano’s price has to stay above $ 1.43 to stay bullish.
Cardano’s price movement during Monday’s session was very volatile. Multiple whip saws have occurred, with one whip saw occurring in connection with the Litecoin and Walmart fake news event. The lagging span (black line) on Cardano’s daily chart is the barometer to follow to identify the short-term price direction. As long as the lagging span has a daily close above the body of the candlesticks, the trend is believed to remain bullish.
Cardano’s price is currently trading just $ 0.02 below the point at which it should close on the daily chart. Two candlestick periods before the lagging span show two thin body candlesticks (Harami pattern). If Cardano closes at the current $ 2.40 level, it will open below the candles. Because the lagging span is a kind of “trigger” in the Ichimoku system. The target zone for shorts would be near the $ 2.05 value range.
ADA / USD daily chart
The short scenario can easily be devalued. The composite index has recently bounced off historical support levels and is about to break its fast moving average. Likewise, the Relative Strength Index is between the two oversold levels in a bull market (40 and 50). Hence, the bulls will have to push Cardano’s price to a close above the Kijun-Sen at USD 2.58 to invalidate the current bearish outlook.