Will Cardano (ADA) Hit $1 in September?
The uptrend at #Cardano is dependent on the strength of the $0.35 support, which coincides with the lower boundary of the ascending channel. The area also initiated a bullish fractal that is likely to ignite a short-term rally to $0.42.
With the Relative Strength Index (RSI) moving into the oversold zone, it may be prudent for traders to prepare to buy $ADA .
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Some of the following signals will include a recovery from the $0.35 support, supported by the RSI reversal from the oversold zone. On the upside, traders will wait for the channel resistance to break, the downtrend to break, and Cardano price to extend its run towards $1.
If the current downside risks extend below the channel support, traders should be ready to take appropriate action. In this case, some may short ADA as the price falls, while others may wait for the $0.32 or $0.3 support to buy before the next rally attempt.
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