Cardano: Price Analysis, October 29

ADA/USD

Cardano has broken down of the symmetrical triangle. If the bears succeed in closing (UTC time frame) below the support line of the triangle, it will increase the probability of a fall to the bottom of the range at $0.060105. Though there is a support close to $0.07, the down sloping 20-day EMA and the RSI in the negative zone suggest that it is likely to be broken. The digital currency will resume the downtrend if it breaks below $0.060105.




ADA/USD




The bearish view will be invalidated if the bulls succeed in pushing the price above the triangle. Such a move might carry the ADA/USD pair to the top of the range at $0.094256. A break out of the range increases the probability of a reversal and the start of a new uptrend.

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