Cardano (ADA) Price Prediction for August 23

The Cardano price today is at $0.86, up 0.8% in the last session as buyers attempt to stabilize the market after a week-long pullback. On the 4-hour chart, ADA is trading inside a tightening symmetrical triangle, with trendline support holding around $0.85 and resistance capped near $0.95.

The price is now in a key demand zone that has led to rallies up to $0.97 in the past. If this base holds, ADA might get another chance to test the upper limit. But if it doesn’t stay above $0.85, the price could go back down to $0.80.

Why Is The Cardano Price Going Down Today?

The drop in the price of Cardano is due to both technical resistance and low on-chain activity. The 20/50/100 EMAs on the 4-hour timeframe are stacked above current levels in a bearish way, and the 200 EMA around $0.92 is a strong resistance level above. Bollinger Bands are getting closer together, which means volatility is going down, and candles are leaning closer to the lower band, which means there is still pressure.

The Supertrend indicator has flipped bearish at $0.9…

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