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Technical Analysis for Cardano for 5th October 2021

Cardano capped below $2.5, will ADA bulls overcome Determined Sellers?



COTI will launch the Djed algorithmic stablecoin on Cardano days after activation of smart contracts.

ADA traders bullish; expect more upswings following the first steps of the project to activate smart contracts. Cardano is the first proof-of-stake platform that's satisfactorily decentralized with smart contracting capability in the top-10.


Past Performance of Cardano (ADA)

Cardano, like the rest of the market, is stable at spot rates. 

Despite resurgence over the weekend, the failure of ADA buyers to follow through and breach above the immediate resistance at $2.5 calls into question the strength of the uptrend. 

As per CryptoAltum data, ADA is steady on the last trading day, adding two percent versus the USD.


What to Expect of Cardano

Fundamental factors would be the most likely triggers for ADA prices in subsequent sessions. 

Precisely, the reaction at $1.9—the 61.8 percent Fibonacci retracement of the recent swing high-low would shape the medium-term trend. 

On the flip side, a close above $2.3 would clear the way for ADA buyers targeting $3.


Cardano Technical Analysis

The short-term trend is bullish reading from price action in the daily chart. 

However, ADA/USDT prices are boxed inside a descending channel in the short term. 

Aforementioned, the reaction at $2.3 would draw more demand for ADA, a launching pad for $3.3—or better in the medium term. 

Losses below $1.8, on the other hand, may see ADA run down towards $1.5 in a retest.

Resistance Line to Watch: $2.3

Support Line to Watch: $1.8


Disclaimer: Opinions expressed are not investment advice. Do your research.

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