What Will Happen to Cardano in September? | Credit: Hameem Sarwar
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Key Takeaways
Cardano (ADA) trades inside a descending parallel channel.
Cardano has completed a long-term corrective structure.
Can Cardano reach new highs this cycle, or is the bullish trend done?
Cardano (ADA) has been stuck in a descending channel for months, leaving traders wondering whether the trend is still bullish.
Despite multiple failed breakout attempts, ADA has managed to reclaim a key support level that could fuel its next move.
With momentum indicators flashing bullish, the stage may be set for a significant rally.
Cardano Price Analysis
The weekly time frame ADA chart shows that the price has traded inside a descending parallel channel for the past 287 days.
These channels usually contain corrective movements, meaning an eventual breakout from them is likely.
During this time, ADA made several breakout attempts, the most recent last week, but all were unsuccessful.
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While the failure to break out is not a positive sign, ADA has at least reclaimed the $0.85 horizontal area, which previously provided resistance.
If the reclaim is valid, the $0.86 area will provide support in the future and could serve as a spring for a breakout, targeting the cycle high of $1.33.
The most bullish ADA signal comes from its momentum indicators.
Cardano’s Relative Strength Index (RSI) crossed 50 while the Moving Average Convergence/Divergence (MACD) crossed 0.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
