ADA Technical Analysis – October 2021
Over the last 30 days, ADA initially declined by around 25%. Then, the price started increasing again, where an increase of 28% was resisted at $2.45, and the price started declining again. The price has been in consolidation in a 4-hour chart. A triangle pattern has emerged, indicating that a breakout might soon happen, perhaps a bullish one.
In the last 7 days, ADA has been bearish. However, recently, the price broke resistance and might now be in an uptrend. This could indicate that ADA may increase in the coming days, especially since the market is in a bullish trend.
In the intraday chart, ADA has been highly volatile, where day traders have managed to gain from such fluctuations. ADA could potentially increase in the coming hours.
The 20-day moving average is slightly above the price, indicating that the trend is still bearish for ADA and that the MA line could act as resistance in the coming days.
The 9-day EMA is also slightly above the price and currently resisting upward price movements. If the EMA line is not broken in the short run, then ADA could go down in the coming days.
Relative Strength Index
The RSI of a daily chart is slightly below 50, meaning that the selling pressure is high. It also suggests that there is plenty of room for improvement. In a 40hour chart, the RSI is less bearish.
After being below the baseline, the MACD line has intersected with the signal line and is currently attempting to climb above it. This could see the momentum change and ADA be bullish once again. In a 4-hour chart, the MACD line is quite above the signal line and heading above the baseline. This indicates that the momentum is bullish and that the price could keep increasing.
Fear & Greed
The fear and greed indicator suggests that the current emotion of ADA traders is bullish due to the recent price increase.
The Fibonacci retracement levels suggest that the price is attempting to find support at the 23.6% level. If not, then the 61.8% could prove to be a stronger retracement level for ADA. If this occurs, then ADA could increase in the coming days.
Price Prediction ADA – October 2021
Based on this technical analysis on Cardano (ADA), we could see its price soar upwards in the coming days if it manages to break the projected resistance. That could see ADA attempt to reach a new all-time high. If BTC maintains its bullish tendencies and continues to increase, then ADA could potentially reach up to $10 in the coming weeks.
Latest News for ADA – Affecting Price
Cardano has been one of the best networks for NFTs recently. The first above $1 million NFT has been recorded, and this indicates that more people are beginning to shift to Cardano due to lower gas fees and more efficiency. This could be huge for the price of ADA in the future.