Cardano (ADA) Price Analysis for October 27
Can the drop of Cardano (ADA) be considered a correction before a further rise?
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bulls may have started fixing their positions as almost all of the coins have entered a correction period.
ADA/USD
Cardano (ADA) is one of the main losers today with a fall of almost 8% since yesterday.
Cardano (ADA) made a false breakout of the support zone at $1.899 supported by the high trading volume.
At the moment, the altcoin is trading sideways in the area around $2. If bulls can keep this level, the growth may continue to the local resistance at $2.093.
On the daily chart, the current drop might be considered a correction before the continued growth. Such a scenario will come true if ADA remains trading above $1.90. In another case, the breakout of the support can be the start of a prolonged bearish trend with further zones around $1.50.
Analyzing the long-term picture, bulls keep dominating despite today’s drop. The selling volume is low, which means that the correction may be just a shakeout before the rise to the resistance at $2.459.
Fixation below $1.832 may be an alarm for buyers in terms of a possible continued drop.
ADA is trading at $1.994 at press time.
