As the Bitcoin price stabilizes above the $63,000 level, the altcoins have picked up pace by adding significant valuation to their respective portfolios. Moreover, major altcoins such as ADA have experienced a similar action by breaking out of their major psychological levels.
With the rising volatility in the cryptocurrency market, are you planning on investing in this digital asset for short-term gains? Dive in as, in this article, we have covered the in-depth market sentiments and possible price analysis of Cardano (ADA) for the upcoming weeks.
ADA Coin Price Records Increased Volatility
With a jump of ~13% over the past week, the Cardano token has successfully retested its crucial support level of $0.330. Moreover, it has jumped 5.06% within the past 24 hours with a trading volume of $266.54 million.
Notably, the price has been hovering close to its support trendline of $0.330 since August. This has resulted in it forming a strong support at that level. Furthermore, with a circulating supply of 35,960,643,033 tokens, it has secured the 13th position with a market cap of $13.39 billion.
The SMA indicator supports the Cardano price chart in the 1D time frame. This indicates a positive outlook for the altcoin in the coming week.
Further, the Relative Strength Index (RSI) has successfully retested its neutral point and is headed toward the overbought range. This suggests that the ADA price will continue gaining value during the upcoming time.
Will Cardano Price Hit $0.50 This Uptober?
If the market continues to gain momentum, ADA crypto will prepare to test its resistance level of $0.4075. Maintaining the price above that level will set the stage for it to head toward its upper resistance level of $0.50 in the coming time.
On the flip side, a bearish reversal could pull the Cardano token toward its crucial support level of $0.330. Further, an intensified bearish action could pull the price toward its lower level of $0.2410.
Want to know how far ADA price could go in the future? Read our Cardano Price Prediction for insights.
