Cardano (ADA) Price Analysis for October 20

The prices of most of the coins have come back to the green zone, according to CoinStats.

ADA/USD

The rate of Cardano (ADA) has risen by almost 3% since yesterday.

On the hourly chart, the price of ADA has set a local support level of $0.2481. Until the rate is above that mark, there is a chance to see a further rise to the resistance by the end of the day.

A less positive picture can be seen on the daily chart. The rate is far from the main levels, which means that none of the sides has accumulated enough energy for a further move.

However, if the price of ADA gets back to the $0.26 zone, the growth is likely to continue to the resistance of $0.2696.

From the midterm point of view, sideways trading remains the more likely scenario for the next few weeks. Such a statement is confirmed by the falling volume. But if bears seize the initiative and return the rate to the support of $0.2380, a drop may lead to the test of $0.22.

ADA is trading at $0.2501 at press time.

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