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Cardano (ADA) Price Analysis for October 1

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Cardano (ADA) Price Analysis for October 1


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.

The market keeps rising as most of the coins are still trading in the green zone.

Top 10 coins by CoinMarketCap

ADA/USD

The rate of Cardano (ADA) has almost not changed since yesterday as the price has only risen by 0.07%.

ADA/USD chart by TradingView

On the hourly chart, the rate of Cardano (ADA) has declined after the false breakout of the local resistance level at $0.4349. If sellers’ pressure continues, one can expect a drop below the $0.43 mark.

ADA/USD chart by TradingView

On the daily time frame, the situation is also bearish as the rate has returned to the recently tested support level at $0.4258. If the candle closes near it, there is a possibility to see a further downward move to the $0.40 zone.

ADA/USD chart by TradingView

The weekly chart confirms ongoing bears’ pressure after the false breakout of the $0.50 zone. Closure near the $0.3974 mark might generate a sharp price decline to the next zone around $0.30-$0.35.

ADA is trading at $0.4316 at press time.



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