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Cardano (ADA) Price Analysis for October 25

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Wed, 25/10/2023 - 15:47
Cardano (ADA) Price Analysis for October 25
Cover image via www.tradingview.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Bulls remain powerful; however, some coins have entered the correction phase already.

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Top coins by CoinMarketCap

ADA/USD

The price of Cardano (ADA) has declined by 1.28% over the last 24 hours.

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Image by TradingView

On the hourly chart, the rate of ADA is in the middle of the local channel, between the support of $0.2762 and the resistance of $0.2850. If the daily bar closes closer to the upper level, one can expect a breakout, followed by a further upward move to the $0.29 zone.

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Image by TradingView

On the daily time frame, the price of Cardano is also trading sideways after the breakout of the $0.2725 level. Until the rate is above that mark, there is a greater chance to see continued growth than a fall.

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But bulls need more time to accumulate energy for that. All in all, consolidation in the area of $0.28-$0.29 is the more likely scenario for the next few days.

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Image by TradingView

A bearish situation can be seen on the daily chart against Bitcoin (BTC). The rate will go down after a breakout of the 0.00000835 level. As there are no reversal signals yet, a further drop to 0.000008 is the more likely scenario until the end of the month.

ADA is trading at $0.2806 at press time.

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