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Cardano (ADA) Price Analysis for October 29

Sat, 10/29/2022 - 14:54
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Denys Serhiichuk
How powerful is Cardano (ADA) against other coins?
Cardano (ADA) Price Analysis for October 29
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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It seems bulls have enough power to ensure continued growth, according to CoinMarketCap's ranking.

Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has risen by 3.49% over the last 24 hours.

ADA/USD chart by Trading View

Despite today's rise, Cardano (ADA) is looking bearish on the hourly chart. The price is returning to the local support level at $0.4020. If buyers cannot seize the initiative shortly, the drop may continue to $0.3950.

ADA/USD chart by Trading View

Cardano (ADA) could not keep rising after yesterday's bullish candle. Bulls' weakness is also confirmed by the declining volume, which means that ADA needs more time to accumulate energy.

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However, if growth to the resistance level at $0.4173 happens and the rate fixes there, one can expect a price blast to the $0.44 zone.

ADA/USD chart by Trading View

On the weekly time frame, Cardano (ADA) does not seem ready enough for a midterm rise. The price has met resistance at the mirror level at $0.4031. However, if the bar closes above it with no long wicks, the upcoming week might be bullish for the popular altcoin.

ADA is trading at $0.4032 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.