Cardano (ADA) Price Analysis for October 25

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Bulls remain powerful; however, some coins have entered the correction phase already.

ADA/USD

The price of Cardano (ADA) has declined by 1.28% over the last 24 hours.

On the hourly chart, the rate of ADA is in the middle of the local channel, between the support of $0.2762 and the resistance of $0.2850. If the daily bar closes closer to the upper level, one can expect a breakout, followed by a further upward move to the $0.29 zone.

On the daily time frame, the price of Cardano is also trading sideways after the breakout of the $0.2725 level. Until the rate is above that mark, there is a greater chance to see continued growth than a fall.

But bulls need more time to accumulate energy for that. All in all, consolidation in the area of $0.28-$0.29 is the more likely scenario for the next few days.

A bearish situation can be seen on the daily chart against Bitcoin (BTC). The rate will go down after a breakout of the 0.00000835 level. As there are no reversal signals yet, a further drop to 0.000008 is the more likely scenario until the end of the month.

ADA is trading at $0.2806 at press time.

About the author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.