The cryptocurrency market started the new month recovering with minor corrections. The flagship currency is trading at $44,692.19. While the second-largest crypto has gained 2.32% trading at $3,077.73.
For Cardano, September was a relatively difficult month. ADA price fell from ATH of $ 3.0976 to a low of $ 1.1960. Later, despite key development milestones the Cardano Price has been stuck in consolidation above $2. However, the ADA token is holding above $2.00, which reflects buyers are buying the dip.
Cardano Price Analysis
At press time ADA price is trading at $2.15 with 2.89% gains. The altcoin is currently holding the trading volume of $2,315,384,859 with $68,038,214,724 market cap.
After consolidating sideways for the past 24 hours, the currency price showed signs of attempting to push the price higher.
As per the chart, the bull market remains intact until Cardano price stays above $2.05. In case if the altcoin clears the trend resistance at $2.4, the rally should extend towards $2.56. In the event, if ADA/USD clears $2.51 we can expect a massive upswing hitting new ATH.
On the contrary, if smart contract token loses trend support at $2.05, the next stop is at $1.88. Furthermore, a deeper selloff could target the $1.66 level.
The RSI indicator is under bullish momentum after recovering from oversold levels. Moving Average Convergence Divergence is refelcting Bullish trend indicating the buyer’s signal line (green) overpowers the seller’s line (red).
However, traders need to watch the resistance levels at $2.38 and $2.57 and Support levels at $2.00 and $1.92. Overall, We expect ADA/USD to push higher and return above the $2.5 closest resistance by mid-October.