The Price of Cardano (ADA) Holds Strong Above $0.24 Support
Since the start of the year, the price of Cardano (ADA) has remained above the $0.24 horizontal support level. In July, ADA formed a bullish triple-bottom pattern above this area.
Cardano Sees Downward Movement, but Support Holds
On the daily timeframe, ADA has been experiencing a downward movement since April 15, reaching a yearly high of $0.46. However, it found support at $0.24, as indicated by a long lower wick on the price chart.
Despite several bounces at the support level, ADA managed to create a higher low on October 12 and has been increasing rapidly since then.
Charles Hoskinson Speaks Out and Unveils Midnight Protocol
In recent news, Charles Hoskinson, the creator of Cardano, expressed his concerns about the media’s treatment of Sam Bankman-Fried. Additionally, he unveiled a new privacy-oriented sidechain called Midnight Protocol that focuses on freedom of association, commerce, and expression.
Cardano Summit and Technical Analysis
The upcoming Cardano Summit is scheduled for November 2-5 and will offer Non-Fungible Token (NFT) tickets for accessibility.
From a technical analysis perspective, the daily Relative Strength Index (RSI) indicates a bullish reading. The RSI has shown significant bullish divergence during the triple-bottom pattern, suggesting a potential reversal in trend.
ADA Price Prediction: Potential Upside Targets
A closer look at ADA’s price action reveals that it broke out from a descending resistance trendline on September 15. Although it experienced some volatility in early October, it is likely to continue its upward trend with a target near the $0.31 resistance zone.
Regaining this area would confirm the triple bottom pattern and validate the overall bullish trend reversal for ADA.
Increased Total Holders, but Caution Remains
The number of total holders for ADA has reached an all-time high of $4.47 million, indicating growing interest in the cryptocurrency. However, if the price drops below the $0.24 support level, it could invalidate the triple bottom pattern and lead to a potential decline to $0.18.
Hot Take: Cardano’s Price Holds Strong Above Key Support Level
The price of Cardano (ADA) has remained above the $0.24 horizontal support level throughout the year. Technical analysis suggests a potential bullish trend reversal, with ADA targeting the $0.31 resistance zone. However, caution is advised as a drop below $0.24 could invalidate the bullish pattern and lead to a decline to $0.18. The upcoming Cardano Summit and the unveiling of Midnight Protocol by Charles Hoskinson have generated further excitement in the crypto community.
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