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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

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

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ADA/USD

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

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.

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.

Related
Bitcoin (BTC) Price Analysis for October 24

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.

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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