ADA Price Analysis – October 6
As the Cardano (ADA) moves in sideways within the channel, it’s likely for the price to experience a break out of the channel in the coming week.
Resistance levels: $0.045, $0.050, $0.055
Support levels: $0.035, $0.030, $0.025
Today, the price of ADA coin is noted to be $0.039 and it has recorded a surge of over 2% in the last 48 hours moving from $0.038 to $0.039. It may move past $0.040 in the coming week and may take another week to start trading above $0.041 level. The lowest recorded price that ADA has touched in the last 30-days was $0.035. This week, Cardano price may trade between the range of $0.036 and $0.041.
However, ADA has remained in sideways for some time but today; the price started moving towards the upper boundary of the channel. The bulls are making an attempt to put a stop to the downtrend movement by pushing the price towards the resistance levels of $0.045, $0.050 and $0.055. Meanwhile, the support levels to watch are $0.035, $0.030 and $0.025. RSI (14) is now moving above level 40, breaking above this level could confirm the bulls stepping back into the market.
When compared with BTC, after Bitcoin’s sudden fall in value on the 24th of September, 2019. As its value struggled to push back to earlier levels, ADA/BTC has been trading in an upward movement and currently changing hands around 491 SAT. However, charts indicated a possible break out into a more bullish pattern in the coming week.
Moreover, the RSI (14) is moving up towards level 60 and breaking above this level may confirm more bullish trends and the price could hit the nearest resistance levels at 520 SAT and above. In other words, if the price of ADA/BTC drops a little bit further below the 9-day and 21-day moving averages, the bear could signal a downward movement in the long-term for the market and the support levels to watch are 435 SAT and below.
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