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Cardano (ADA) Price Analysis for October 2

Have bears already seized the initiative and prepared to keep pushing down the rate of Cardano (ADA)?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. 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 situation on the cryptocurrency market has completely changed over the last day. All Top 10 coins have switched to red and are now located under bearish influence.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Respectively, the market capitalization has dropped and is now around $15 bln since yesterday.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

As Bitcoin (BTC) has lost much less than other coins, its market share has slightly gone up and is now 58.2%.

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BTC’s market share
BTC’s market share

The relevant data of Cardano is looking the following way:

  • Name: Cardano

  • Ticker: ADA

  • Market Cap: $2,849,345,950

  • Price: $0.091582

  • Volume (24h): $881,051,842

  • Change (24h): -10.84%

The data is relevant at press time.

ADA/USD: When can traders expect a decline to $0.09?

Cardano (ADA) is one of the biggest losers among the altcoins. The rate of the digital asset has declined by almost 11% just over the previous 24 hours.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the hourly chart, Cardano (ADA) has tested the local support at $0.09. From the technical point of view, buyers' power is not enough for a reversal. However, short-term growth may happen as the selling trading volume has decreased. In this regard, bulls may get the rate of ADA to the yellow range of $0.093-$0.095 shortly.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

On the daily time frame, bears are controlling the situation as buyers could not seize the initiative and make a reversal. Furthermore, the value of the Relative Strength Index indicator has not reached the oversold zone yet, which means that the decline may continue.

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If that occurs, the nearest support zone where growth is possible is the $0.085 mark.

ADA/USD chart by TradingView
ADA/USD chart by TradingView

The bearish scenario is also relevant on the weekly chart. The lines of the MACD indicator have already entered the "short" zone, and the impulse is only increasing which means that a fall is about to continue. Thus, most of the liquidity is located in the area of $0.04-$0.05 that suggests a possible decline to that zone.

Cardano is trading at $0.0911 at press time.

 

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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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com