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Cardano (ADA) Price Analysis for October 6

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Fri, 6/10/2023 - 14:11
Cardano (ADA) Price Analysis for October 6
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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The market keeps trading sideways as some coins are rising, while others are falling.

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ADA/USD

The rate of Cardano (ADA) has increased by 2.24% over the last 24 hours.

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Image by TradingView

On the hourly chart, the price of ADA has broken the local resistance level of $0.2640 against the rising volume. If buyers can hold the gained initiative and keep the rate above that mark, the upward move is likely to continue to the $0.27 zone.

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Image by TradingView

Bulls are also more powerful than bears on the bigger time frame. However, it is too early to think about a midterm rise until the rate fixes above the $0.27 area. 

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If that happens, traders may expect the price of ADA in the range of $0.28-$0.29 until mid-October.

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Image by TradingView

From the midterm point of view, ADA has not gained enough energy for continued growth. Thus, the volume is low, which means that buyers are not ready to buy at the current prices. All in all, sideways trading in the area of $0.2650-$0.2750 is the more likely scenario for the next few weeks.

ADA is trading at $0.2650 at press time.

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