Cardano (ADA) Price Analysis for October 6

AnalysisCardano (ADA) Price Analysis for October 6


Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Even though there was a slight correction on the market, most of the coins’ rates have continued rising.

ADA/USD

The price of Cardano (ADA) has risen by almost 1% since yesterday.

ADA/USD chart by TradingView

Despite the growth, Cardano (ADA) is looking bearish on the hourly chart as the price is coming back to the local support level at $0.4281. If the drop continues until the end of the day, traders might see the test of $0.4240 soon.

ADA/USD chart by TradingView

On the bigger time frame, the situation remains uncertain as none of the sides is dominating now. If buyers want to start the growth, they need to return the rate to the $0.47-$0.48 zone.

Moreover, the falling volume confirms ongoing sideways trading.

ADA/USD chart by TradingView

On the weekly chart, bears remain more powerful than bulls as the price is still located near the support level at $0.4019. If buyers lose the vital $0.40 mark, a sharp drop may lead to the test of the $0.35 zone.

ADA is trading at $0.4311 at press time.



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