Cardano Price Eager to Move Towards its Support — $0.2800

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• Cardano is now trading inside a bull flag since September 10.
• In all likelihood, Cardano is likely to fluctuate between $0.3400 to $0.4000.
• In a bearish scenario, ADA has the potential to drop to $0.2800.

The co-founder of the Cardano blockchain platform, Charles Hoskinson, mentioned during the DC Fintech Week that when implemented properly, blockchain technology has the power to make you prioritize values over anything else. However, according to him, blockchain was developed to protect user privacy and anonymity, which is always one of the facts why blockchain technology is the best for the community.

'The magic of blockchain technology is that it forces you, if you design it the right way, to pay attention to values' IOG CEO @IOHK_CharlesWatch the full video to hear more on the future of the industry & the future of regulation for the space: https://t.co/piFeC5YL8A#Cardano pic.twitter.com/GVt6oaImWQ

— Input Output (@InputOutputHK) October 17, 2022

ADA/USDT 1-H Chart Analysis (Source: TradingView)

Above is the 1-H technical analysis chart of Cardano. The above chart states that ADA’s price has been falling since September 22,. ADA is now trading inside the bull flag since September 10, and the price has decreased from $0.5248 to $0.3670.

ADA is trading close to its support zone in the daily chart, from $0.3421 to $0.3643. Alternatively, the resistance area lies between $0.4216 and $0.4440. Breaking the current resistance zone can potentially lift the ADA price to $0.4800. However, if ADA were to go below its present support level, it might theoretically settle below $0.2800.

ADA/USDT 1-H Chart Analysis (Source: TradingView)

As can be seen in the above ADA/USDT 1H chart, the market sentiment is still bearish as ADA is trading below the 200MA. Since the MACD blue line is below zero and hasn’t crossed the signal line, investors are naturally tempted to dump Maker DAO. When the MACD histogram is below zero, prices will likely continue falling.

The current reading on the Relative Strength Index (RSI) is 37.28, putting it in a healthy range between overbought (20) and oversold (80), indicating that the market is poised for further growth. This might mean the upward trend keeps on.

At the time of writing, one Cardano(ADA) was worth $0.3676, a decrease of 0.67% versus the dollar. Trading volume climbed by 17.97 percent to $414,289,902.55, but the market cap decreased by 0.77 percent to $12,597,869,179.45, both of which may be directly attributed to the price decrease.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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