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Cardano (ADA) Price Prediction for October 1

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Tue, 1/10/2024 - 14:31
Cardano (ADA) Price Prediction for October 1
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The correction continues on the market, according to CoinMarketCap.

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Top coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has fallen by 2.12% over the last 24 hours.

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Image by TradingView

On the hourly chart, the price of ADA has come back to the local support level of $0.3745. If the daily bar closes near it, one can expect a breakout, followed by a move to the $0.37 zone and below.

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Image by TradingView

On the bigger time frame, sellers' pressure remains relevant. If the breakout of the interim zone of $0.37 happens, traders may witness a more profound drop to the $0.36-$0.3650 area by the end of the week.

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Image by TradingView

From the midterm point of view, bulls could not keep the growth going after the previous bullish candle closure. 

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If buyers want to get back in the game, they need to restore the rate above the $0.40 range.

ADA is trading at $0.3750 at press time.

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