ADA Price Analysis – October 14
Cardano’s price is rising to a crucial resistance level at $0.046 and at the same time approaching the upper boundary of the ascending channel.
Resistance levels: $0.046, $0.048, $0.050
Support levels: $0.035, $0.033, $0.031
The ADA/USD pair may go bearish if the $0.039 level could no longer hold as critical technical support for the market. A few days ago, Cardano (ADA) recorded a monthly high at $0.045 and the price movement is now caught in a channel pattern on the daily chart. If Bitcoin (BTC) remains in a consolidation mode for a while, we can expect the bullish trend to continue in the long-term.
However, Cardano may likely follow a long-term bullish trend, making the price to trade around $0.041 at the moment. Now, it appears that the market is about attempting a pullback, although the buyers are still gaining control of the market. The market is expected to sell to close supports at $0.035, $0.033, and $0.031 if a pullback occurs.
More so, if the mentioned supports fail to play out, Cardano might climb back to $0.046, $0.048 and $0.050 resistance levels. The RSI (14) is showing a bullish moment moving around level 50.
Against Bitcoin, the market is seen to be moving above the moving average of 21-day and within the channel where the price is expected to break out the upper part of the channel. Should the price cross above the channel, the market may experience an upward trend that could touch the nearest resistance level of 530 SAT and below.
In other words, a break-down at 480 SAT may expose the market to long-term supports at 460 SAT and below. For now, the stochastic RSI indicator confirms that the market is been controlled by the buyers as it moves above level 50.
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