Cardano (ADA) Price Analysis for October 31

The crypto market is mainly rising today, according to CoinStats.

ADA chart by CoinStats

ADA/USD

The rate of Cardano (ADA) has gone up by 0.5% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of ADA is near the local resistance of $0.6168. If the daily candle closes around that mark or above it, the upward move is likely to continue to the $0.62 area.

Image by TradingView

On the longer time frame, one should focus on the bar’s closure in terms of the support of $0.5923. If its breakout occurs, traders may witness a further downward move to the $0.56-$0.58 range. 

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Such a scenario is relevant until the end of the week.

Image by TradingView

From the midterm point of view, the rate of ADA has made a false breakout of the $0.5923 level. However, if bears’ pressure continues and the bar closes below that mark, the fall is likely to continue to the $0.50-$0.55 area.

ADA is trading at $0.6174 at press time.

Source: https://u.today/cardano-ada-price-analysis-for-october-31