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Cardano (ADA) Price Analysis for October 27

Price Predictions
Wed, 10/27/2021 - 15:48
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Denys Serhiichuk
Can the drop of Cardano (ADA) be considered a correction before a further rise?
Cardano (ADA) Price Analysis for October 27
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 may have started fixing their positions as almost all of the coins have entered a correction period.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) is one of the main losers today with a fall of almost 8% since yesterday.

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

Cardano (ADA) made a false breakout of the support zone at $1.899 supported by the high trading volume.

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At the moment, the altcoin is trading sideways in the area around $2. If bulls can keep this level, the growth may continue to the local resistance at $2.093.

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

On the daily chart, the current drop might be considered a correction before the continued growth. Such a scenario will come true if ADA remains trading above $1.90. In another case, the breakout of the support can be the start of a prolonged bearish trend with further zones around $1.50.

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

Analyzing the long-term picture, bulls keep dominating despite today's drop. The selling volume is low, which means that the correction may be just a shakeout before the rise to the resistance at $2.459.

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BTC, ADA and BNB Price Analysis for October 25

Fixation below $1.832 may be an alarm for buyers in terms of a possible continued drop.

ADA is trading at $1.994 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.