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  • ADA is rangebound, but the breakthrough is imminent.
  • The key resistance is created by  $0.0900.

Cardano (ADA) coin with a market value $2.2B, now takes the 9th largest coin by market capitalization. The coin is rangebound, trading at $0.0851 at press time. ADA’s trading volumes dropped to $50,000 from $112M at the end of the previous week.

What’s going on?

Cardano is actively discussed in social media today as the community discusses the project anniversary. Cardano is a relatively new project based on cryptocurrency and technological platform. Launched in Hong Kong by   Charles Hoskinson, former co-founder of such famous projects as BitShares,  Ethereum  and  Ethereum Classic, Cardano focused on running smart contracts, decentralized applications (dApps) and side chains.

Cardano’s technical picture

Technically, ADA/USD is sitting in a triangle pattern, limited by $0.0860 on the upside and $0.835 on the downside. A clear breakthrough in either direction will create a strong momentum for ADA. The next resistance is created by  $0.0900, followed by  $0.0940 (September 23 high) and $0.1000.

On the downside, the strong support comes at $0.0800 followed by $0.777 (September 27 low).