Cardano Price Analysis – October 25
The Cardano price continues to moves sideways as the price of the coin remains below the 9-day and 21-day moving averages.
ADA/USD Market
Key Levels:
Resistance levels: $2.50, $2.60, $2.70
Support levels: $1.85, $1.75, $1.65
The Cardano (ADA) has been making an attempt to move above the 9-day and 21-day moving averages. The daily low of $1.90 support level is the nearest support where the price could touch today. The Cardano market has earlier consolidated at this level before making an upward movement and this makes the support level a strong support zone.
Cardano Price Analysis: Cardano (ADA) May Breakout
The Cardano price is likely to breakout if the bulls push the price above the 9-day and 21-day moving averages. Meanwhile, the Cardano price may continue its upward movement by breaking above the moving averages to keep the upside movement strong. Therefore, any further bullish movement could take the coin to the potential resistance levels of $2.50, $2.60, and $2.70.
However, as the daily chart reveals, the bullish movement may be invalidated if the bears break below the lower boundary of the channel, and the Cardano price may fall below the negative side to hit the support levels of $1.85, $1.75, and $1.65. Meanwhile, the technical indicator Relative Strength Index (14) signal line is moving below 50-level; suggesting a sideways movement.
ADA/BTC Market: Price May Remain at the Downside
Against Bitcoin, the Cardano price is moving below the 9-day and 21-day moving averages. The long-term 9-day moving average may likely make a bearish cross below the lower boundary of the channel. Currently, the Cardano market is following the downtrend as the price reaches the daily low at 3397 SAT.
However, if the buyers push the price above the 21-day moving average, higher resistance could be located at 4000 SAT and above. Moreover, should the bulls fail to move it above this barrier, then, the nearest support level may be located at 3000 SAT and below. In addition, the signal line of the Relative Strength Index (14) is likely to cross into the oversold region, which shows that sellers are presently dominating the market.
