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Cardano (ADA) Price Analysis for October 1

Price Predictions
Fri, 10/01/2021 - 13:23
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Denys Serhiichuk
How great are Cardano's (ADA) chances to continue to rise?
Cardano (ADA) Price Analysis for October 1
Cover image via www.tradingview.com

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.

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Bulls have seized the initiative as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has increased by 7.20%, while the price change over the last week has accounted for only 2.73%.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the hourly chart, the ongoing rise of Cardano (ADA) is supported by a high trading volume, which means that buyers May have accumulated enough power for a price blast.

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In this case, the more likely scenario is the test of the liquidity level at $2.40, followed by a correction as bulls need to gain energy to keep the growth going.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the daily time frame, Cardano (ADA) is still located in a wide range despite today's sharp growth. If buyers can fix above $2.20 by tomorrow, the ongoing rise may continue to the nearest resistance level at $2.459.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

From the mid-term point of view, Cardano (ADA) has fixed above the vital level of $2, which means that buyers still control the situation. Likewise, there is a chance to test the mirror level at $2.70 within the next few weeks.

ADA is trading at $2.209 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.