Cardano faced downward pressure from bears on October 9, leading to a drop below the moving averages, indicating limited interest at higher levels. Keep an eye on the pivotal $0.24 support, which the ADA/USDT pair may retest. The presence of a positive RSI divergence suggests that bulls may vigorously defend this level. To signal increased strength, they will need to drive the price above the moving averages. Furthermore, ADA is currently confined within a triangular pattern near its lower support.
Cardano's weekly price chart is showing a sideways trend above the $0.24 level after a prolonged downtrend. This level has consistently provided strong support over the past nine months, suggesting significant demand. The coin's price seems to be forming a descending triangle pattern, with a downward-sloping trend line hindering a recovery. While the triangle pattern persists, Cardano's price is likely to remain in a sideways trajectory. However, if it breaks below the $0.24 support with a weekly candle closing, it could potentially head towards the next support at $0.18, indicating a bearish trend.
According to Coingabbar Price Analysis, Cardano's price has slipped below $0.250 after failing to overcome the $0.2650 resistance. It's now testing the crucial support at $0.2450 and could potentially initiate a recovery. In the long term, ADA appears poised for a significant upswing as it nears the apex of a falling wedge pattern. Although it recently faced rejection at resistance and lost support at the 50-day SMA, there's potential for an upward move from the $0.24 liquidity zone, with a target around $0.3.
KEY LEVELS :
RESISTANCE LEVEL : $0.2540-$0.2620
SUPPORT LEVEL : $0.2380-$0.2200
Is it advisable to invest in ADA at the $0.24 dip, and is there potential for a new recovery by buyers? Is Cardano currently presenting a significant opportunity, making it the ideal moment to purchase ADA? Are crypto markets expected to have a bullish outlook for October? Please share your views in the comment box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
