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Cardano (ADA) Price Analysis for September 28

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Thu, 28/09/2023 - 18:00
Cardano (ADA) Price Analysis for September 28
Cover image via www.tradingview.com

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Buyers are again more powerful than bears, according to the CoinMarketCap ranking.

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ADA/USD

The rate of Cardano (ADA) has increased by almost 2% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of Cardano (ADA) has broken the local support of $0.2476. There are low chances of seeing a further sharp rise by the end of the day; however, if the bar closes above the mentioned mark, growth might continue to the $0.25 zone tomorrow.

Image by TradingView

Buyers are also more powerful than sellers on the bigger time frame, as the rate is about to fix above the recently formed resistance of $0.2479. 

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If that happens, the accumulated energy might be enough for an upward move to the $0.2520-$0.2540 area by the end of the week.

Image by TradingView

From the midterm point of view, bulls are still far from a midterm rise, which means that the rate of Cardano (ADA) needs more time to accumulate power. In this case, sideways trading in the range of $0.2450-$0.2550 is the more likely scenario until mid-October.

ADA is trading at $0.2488 at press time.

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