ADA Price Analysis: ADA Forming Basis for Long-Term Move; Cardano Sets Fresh Milestone in Network Transaction

• Cardano (ADA) price is approaching the near-term bottom
• At the time of publication, ADA was changing hands at $0.465
• The total number of transactions processed on Cardano has exceeded the 50 million mark

Cardano (ADA) prices are approaching a near-term bottom as they dip with the rest of the market. At the time of publication, ADA was changing hands at $0.465, down 4.25% in the last 24 hours. Cardano has set a new milestone as the total number of transactions processed on the network has exceeded the 50 million mark. The number of transactions processed, according to Cardanoscan.io, now stands at 50,014,931. Cardano achieved the milestone after shortly completing 51,686 transactions on September 14. Transactional volume is anticipated to grow significantly once the Vasil hard fork launches on the mainnet on September 22. The current transaction volume of Cardano represents regular transactions between users and various trading operations across various Cardano-based protocols.

Key Levels
Resistance Levels: $0.700, $0.600, $0.500
Support Levels: $0.421, $0.400, $0.384

ADA/USD Daily Chart: Bearish

ADA/USD Daily Chart

Cardano’s (ADA) decline after the recent surge past the daily moving average (MA 50) at the $0.500 level is likely to find some support at the $0.421 level, which is now the next horizontal support. With all eyes focused beyond the $0.500 levels, a convincing break below could spark some technical selling and drive the price down into the $0.421 congestion zone.

In the long run, the rise from $0.384 is regarded as the likely bottom of the daily trend since its yearly low. The cluster resistance level of $0.500 is the next target for a rally. This may be the preferred scenario as long as the $0.421 support level holds. A sustained rebound in the event it drops there, on the other hand, could have long-term positive consequences for low-buyers.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

As seen on the 4-Hour chart, the ADA/USD remains in a bearish trend below $0.550, with intraday sentiment remaining below the usual range of $0.500. The breakout of the $0.500 level, on the other hand, could validate the scenario in which the reversal from the $0.454 level is completed at the $0.600 level.

ADA’s further decline could result in a test of $0.421 and a break of the 2022 lows. A break of the $0.421 support level and a round number of $0.400, on the other hand, will accelerate the downtrend and result in yet another round of losses towards $0.384.

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