Cardano Price Analysis: ADA/USD Bulls May Surface after Moving Sideways

Cryptovibes 7 months ago Report
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Cardano Price Analysis – October 5

The Cardano price lacks short-term and medium-term as the coin is likely to face moderate volatility and gain long-term.

ADA/USD Market

Key Levels:

Resistance levels: $2.60, $2.80, $3.00

Support levels: $1.80, $1.60, $1.40

Cardano Price Analysis

ADA/USD is currently trading around $2.19 level within the 9-day and 21-day moving averages. In the range of the ascending channel, the closest support could be located below the lower boundary of the channel, with a close resistance at $2.30. Meanwhile, if the market increases, additional resistance can be found above the 9-day and 21-day moving averages. Therefore, below the channel, traders can expect support around $2.00.

Cardano Price Analysis: Cardano (ADA) May Continue to Move Sideways

Looking at the daily chart, it is obvious that the market may likely create more bullish trends once the sideways movement fades away and this is actually noticeable for the technical indicator Relative Strength Index (14) as the signal line could cross above 50-level. Since a few weeks ago, Cardano (ADA) has been moving in the same direction as the market ranges.

Today, the market decides to cross above the 21-day moving average but any bearish movement below the 9-day moving average may lead the coin to another serious downtrend. However, the support levels for ADA/USD may be located at $1.80, $1.60, and $1.40, while the resistance levels could be found at $2.60, $2.80, and $3.00 respectively.

ADA/BTC Market: Keeps Moving Sideways

When compares with Bitcoin, the coin continues to follow the bearish movement and the support level of this range is built around 4300 SAT. However, the nearest resistance is set above the 9-day and 21-day moving averages because the market price is still changing around the lower boundary of the channel. Technically, the price continues to move down, crossing below the channel may cause more havoc for the coin as the technical indicator Relative Strength Index (14) prepares to move into the oversold region.

However, if the ADA price crosses below the channel, ADA/BTC may likely create a new low as the coin could fall to the support level of 3600 SAT and below. Meanwhile, any bullish movement above the moving averages may allow the market to form a new upward trend and this could hit the potential resistance level at 5300 SAT and above.

Original Source: https://www.cryptovibes.com/blog/2021/10/05/cardano-price-analysis-ada-usd-bulls-may-...

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