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Cardano (ADA) Price Analysis for October 11

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Tue, 11/10/2022 - 8:31
Cardano (ADA) Price Analysis for October 11
Cover image via www.tradingview.com

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The bearish trend continues on the cryptocurrency market as all of the top 10 coins are in the red zone.

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Top 10 coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has declined by 6.20% over the lsat 24 hours.

ADA/USD chart

On the hourly chart, Cardano (ADA) has formed the local support level at $0.3915 after its false breakout. If buyers can keep the rise, there are chances to see a return to the vital zone at $0.40 by the end of the day.

ADA/USD chart

On the bigger time frame, the price of Cardano (ADA) has broken the support level at $0.4019. Until the rate is below it, bears remain more powerful than bulls. At the moment, one should pay close attention to $0.40 as it is the tipping point.

ADA/uSD chart

A similar situation can be seen on the weekly chart as the current breakout of the $0.4019 level may be a prerequisite for a further decline. However, it is too early to think about that as one needs to wait until the candle closes.

ADA is trading at $0.3965 at press time.

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