Cardano (ADA) Price Analysis for October 17

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The cryptocurrency market is neutral today, according to CoinStats.

ADA chart by CoinStats


Cardano (ADA) has joined the list of falling coins, going down by 1.5%.

Image by TradingView

On the local time frame, the rate of ADA might have set a support level of $0.2446. The selling volume has risen, which means that bears are controlling the initiative. If the daily bar closes below $0.25, traders can expect a further correction to the $0.2450 area tomorrow.

Image by TradingView

On the bigger chart, traders should pay attention to the interim zone of $0.2450. If it breaks out, the energy might be enough for a further decrease to the support of $0.2380.

Image by TradingView

A bearish situation can also be seen on the daily chart against BTC. The bar is about to close near the support of 0.00000868. If the false breakout does not happen, the drop may continue to the 0.00000840 zone soon.

ADA is trading at $0.2480 at press time.

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Denys Serhiichuk

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