|Performance after Wednesday 19-Oct|
Cardano (ADAUSDT) price for the week to-date dropped -5.35% or -0.0198 lower to 0.35050. At time of writing into Thursday’s trading session, Cardano has decreased by -2.75% over the past 24 hours. For the record, ADAUSDT is -88.66% below all-time high of 3.09000. On Wednesday, ADA dropped -3.50% to 0.34970.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
For the month-to-date, ADA is down by -19.37% or -0.0842 lower.
What can we expect from Cardano today?
Looking ahead for the day, immediate support level is at 0.34367 (S1) with break below could see further selling pressure towards 0.33763 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 0.36240 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Cardano need to break on either side to indicate a short-term bias. A close below 0.34700 would indicate selling pressure.
For the week to-date, take note that Cardano is falling as the pair posted lower, down by -5.35%. Prior performance for the week ending 2022-10-16 was -12.46%.
Key levels to watch out:
Last updated: 02:50 am UTC, 20-Oct 2022
Cardano is a decentralised platform that will allow complex programmable transfers of value in a secure and scalable fashion. It is one of the first blockchains to be built in the highly secure Haskell programming language. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.