Price Analysis

Here’s What You Can Expect From the Cardano(ADA) Price Rally During the Bullish Uptober!

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Cardano price rebounded well from its lower support and currently heading towards the crucial resistance zones

  • A breakout from the consolidation may further uptick a rally beyond $0.55 marking gains of nearly 22% to 25%

The Cardano price has remained extremely bearish ever since it lost the crucial $1 mark. Moreover, the extreme market conditions compelled the price to remain drained below the $0.6 levels of the past couple of months. The bears also attempted to drag the price lower below the crucial resistance, but the asset managed to rebound and is presently trying hard to lay down a firm upswing soon. 

The ADA price has been experiencing a major liquidity crisis since mid-June, and due to that, the volatility of the asset has been declining largely. The asset has been on a constant move to reach the upper resistance, but failed each time, marking the lows at $0.425 and hitting the sell-stop levels to attract the bulls. 

However, the bulls continue to remain distinct till now as the recent development could see ADA price clearing the $0.472 resistance, beyond which an upswing beyond $0.505 may be triggered. 

The ADA price, which was hovering within a bullish falling wedge, appears to have geared up and may slice through the wedge any time from now. The price is facing some hindrance at the upper resistance of the channel, but the lower demand zone may offer a strong base to rebound from. Hence, after a brief consolidation, the ADA price could finely rebound and rise high to reach $0.48 levels very soon. 

On the other hand, if Cardano(ADA) price fails to sustain above $0.425, then it may invalidate the bullish trajectory, displaying the weakness of the bulls. In such a case, the price may drop back to the $0.415 support zone and may consolidate for a while. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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