ADA Price Analysis – October 28
ADA/USD takes a deep dig and slides to $0.091 but the coin is expected to recover soon.
Resistance levels: $0.110, $0.115, $0.120
Support levels: $0.090, $0.085, $0.080
For the past few days, ADA/USD has been maintaining an uptrend as the traders were deeply impressed by the coin. ADA inclined in the rank chart of the crypto market and remains among the top-eleven. Everything was going well until October 23 when the market started following the bearish movement. It may take some time for ADA/USD to come out of the bearish zone as the technical indicator RSI (14) moves below the 45-level.
What is the Next Direction for Cardano?
At the moment, the market is trading below the 9-day and 21-day moving averages. If we can see an increasing volume coupled with a bullish regroup, the ADA/USD pair may start to correct gain significantly on the upside. Otherwise, the bear pressure may become severe with more losses in the market.
However, the Cardano price is expected to retest resistance at $0.105 before the rally continues. Watching out for the next key resistance; the $0.110, $0115, and $0.120 levels seem closer for the bull sides.
In the opposite direction, the ADA/USD pair may roll back to $0.095 support if the bears step back in the market fully. A break at $0.092 could establish a new low at $0.090, $0.085, and $0.080.
ADA/BTC Market: Consolidating to the Downside
Against Bitcoin, the market is seen to be trading below the moving averages and within the channel where the price is expected to break down the lower part of the channel. Should the price cross down the channel, the market will experience a tremendous downtrend that could touch the nearest support level of 680 SAT and below.
However, if the bulls could push the market to the north for it to move above the 9-day moving average, ADA price may reach the resistance levels of 820 SAT and above. The RSI (14) indicator confirms that the market is been controlled by the bears as the signal line moves into the oversold zone.