ADA Price Analysis – October 22
Cardano (ADA) price indicates recovery with its intraday movement. The improvement can pump some life back into the coin.
Resistance levels: $0.045, $0.047, $0.049
Support levels: $0.034, $0.032, $0.030
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 $0.0458 and the price movement is now caught within a channel pattern on the daily chart. However, the current price momentum has been quite volatile, wherein the improvement in the price becomes very difficult. If there is stability in the coin, then the traders can expect an upsurge in a short time.
Furthermore, ADA/USD may likely follow a long-term bullish trend, as the price was spotted moving towards the $0.040 level within the middle level of the Bollinger bands. Now, it appears that the market is about attempting a pullback; the market is expected to sell to close supports at $0.034, $0.032, and $0.030. More so, if the mentioned supports fail to play out, ADA price could move towards the resistance levels of $0.045, $0.047 and $0.049. The stochastic RSI is currently moving around level 40.
When compared with BTC, the market is seen to be moving below the 21-day moving average and within the channel where the price is expected to break out of the upper side of the channel. Should the price cross above the channel, the market will experience an upward trend that could push the price to touch the nearest resistance level of 515 SAT and above.
Furthermore, the stochastic RSI is at the oversold zone and as soon as signal lines turn upward, the buyers could push the market towards the north. But should in case the price of ADA/BTC drops below the lower line of the descending channel to touch the critical support at 445 BTC and below, then the bear could signal a downward movement in the long-term for the market and the bear can now come fully into play.
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