ADA Price Prediction: Cardano’s 10% Rise Fuels Upside Speculations Key Takeaways:
Cardano (ADA) price found a technical support.
In doing so, the token broke above a key bearish trendline.
The price could continue to rally in October.
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NEW DELHI (CoinChapter.com) — Cardano (ADA) price is over $0.260 as the bulls aim for a larger increase toward the $0.30 level in the coming sessions.
Cardano Price Gains Strength
After a major decline, ADA price found support near the $0.235 zone. The price consolidated for some time above $0.235 and recently started a recovery wave.
The price gained strength for a move above the $0.250 resistance zone. ADA bulls are slowly gaining control like Bitcoin and Ethereum. More importantly, the price cleared a key bearish trend line with resistance near $0.2560 on the daily chart.
ADA/USD daily price chart. Source: TradingView.com
The RSI on the same chart is also rising and approaching the 70 level with no major sign of overbought conditions.
ADA price is now trading above the $0.260 resistance and the 50-day simple moving average (blue). The price is testing the 23.6% Fib retracement level of the last main decline from the $0.3787 swing high to the $0.2350 low.
Immediate resistance is near the $0.272 level. The first major resistance is near the $0.285 level. A close above the $0.285 level could send the price toward the $0.300 level.
The next key resistance is near the $0.306 level or the 50% Fib retracement level of the last main decline from the $0.3787 swing high to the $0.2350 low, above which the price could test $0.320. If the bulls push ADA above $0.320, there are chances of a drift toward the main barrier at $0.380.
Downside Correction in ADA Price?
The ADA price could correct lower if no move is above $0.285. Immediate support is near the $0.260 level. The first major support is near the $0.258 level or the 50-day simple moving average (blue), below which the price could drift toward the $0.250 support zone.
If the bulls fail to protect the $0.250 support zone, ADA bears could aim for a test of the $0.235 support region. Any more downsides might send Cardano toward the $0.220 level.
Overall, ADA is gaining strength above the $0.260 level. Cardano could rally further toward the $0.285 level or $0.300 if the bulls remain in action. Conversely, the price could be lower and revisit the $0.250 support zone.
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