Cardano Price Prediction for Today, October 6 - ADA Technical Analysis

The Cardano price prediction may lack short-term and medium-term support, but if the price rises even further, the coin may face up.

Cardano Prediction Statistics Data:

• Cardano price now – $0.26
• Cardano market cap – $9.2 billion
• Cardano circulating supply – 35.1 billion
• Cardano total supply – 36.2 billion
• Cardano Coinmarketcap ranking – #8

ADA/USD Market

Key Levels:

Resistance levels: $0.30, $0.32, $0.34

Support levels: $0.22, $0.20, $0.18

ADA/USD is trading around the $0.26 level but the coin keeps ranging above the 9-day and 21-day moving averages. However, if the bulls push the market price above the upper boundary of the channel, the nearest resistance may be located around $0.27. Moreover, if the market increases, additional resistance can be found above the channel.

Cardano Price Prediction: Cardano (ADA) May Break to the Upside

At the time of writing, traders could see that the Cardano price may likely create more bullish trends once the sideways movement is over and this is noticeable as the 9-day moving average crosses above the 21-day moving average.

Looking at the daily chart, the market decides to rebound from the low of $0.25 above the moving averages but any bearish movement below this barrier could lead the coin to a serious downtrend. Hence, the support levels for the coin could be found at $0.22, $0.20, and $0.18, while the resistance levels lie at $0.30, $0.32, and $0.34 respectively.

ADA/BTC Could Move to the Upside

Against Bitcoin, the Cardano price is likely to cross above the upper boundary of the channel following the bullish movement. Looking at it technically, it is likely for the coin to continue with the current movement as the 9-day MA moves to cross above the 21-day MA to increase the bullish movement.

Therefore, if the Cardano price slides below the moving averages, ADA/BTC may head toward the lower boundary of the channel which could hit the support level of 870 SAT and below. However, any bullish movement above the channel could allow the market to form a new upward trend and this could reach the potential resistance at 1020 SAT and above.

Cardano Alternatives

The Cardano price is moving up with a slight increase of around 0.39% during the European session today; it is currently trading at $0.26 above the 9-day and 21-day moving averages. For the past few weeks, the Cardano price has experienced hard times trading above the moving averages as the previous attempts so far have failed. Despite this, ADA/USD is still making an effect to cross above the upper boundary of the channel.

Nevertheless, Bitcoin Minetrix (BTCMTX) offers far more than just the convenience of mining Bitcoin on Ethereum as users can get started with zero technical know-how, and no upfront cost or hardware maintenance is required. Adding to this, its tokenization of Bitcoin cloud mining eradicates all the security and centralization issues that have long formed a deterrent to cloud mining adoption. Meanwhile, the token has raised almost $600k in the presale.