- Cardano price has been stuck in a sideways bandwidth since the end of September.
- The RSI shows that buy-side volume is picking up as the index crosses 50 to the upside.
- With all the favorable external tailwinds, expect a breakout trade to happen with bulls targeting $2.74 in the first phase.
Cardano price has been stuck in a ditch for most of October as price action ranged between $2.0 and $2.4. Neither bulls nor bears could take control as both defended their support or resistance levels quite adequately. The Relative Strength Index (RSI) has crossed above 50 again, proving buy-volume is picking up, and a breakout trade looks set to break $2.40 and target $2.74.
Cardano price to start uptrend to $3.16
Cardano price has seen quite some pickup in buying volume after the range trade for most of October. With the RSI picking up steam back above 50, it looks like bulls are ready to make another run at $2.40. It would be the third test of that level, and it looks more than likely to break this time.
ADA price sees bulls with more momentum in their corner, aided by the current positive wave in cryptocurrencies and some tailwind spillover effects from the Nasdaq, Tesla and Elon Musk. These should propel bulls above $2.40 in a breakout trade and start an uptrend towards $2.74. As long as ADA price offers enough entry points for fresh buying and small profit-taking, expect it to not take long before bulls knock on $3.16 and make new all-time highs.
ADA/USD daily chart
With that said, as the uptrend depends on quite some external positive elements, a fade or turnaround of those tailwinds could easily provide a headwind for ADA price. Should that be the case, expect a return towards the lower end of the bandwidth near $2.00 with a possible retest of $1.90. Should sentiment completely turn back to risk-off, expect a dip towards $1.67 in the near term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP rally to $3 at risk as network activity and whale holdings drop
XRP's drop from recent highs of $2.65 on May 12 tests the 50-day EMA support as downside risks emerge. XRP faces declining network activity amid subdued daily active addresses.
Bitcoin open interest hits new all-time high, echoing pre-ATH rally setup
Bitcoin price stabilizes above $106,000 on Wednesday, just 3% shy of its all-time high at $109,588. BTC’s open interest hits a new all-time high of $75.14 billion, mirroring the setup of previous bullish cycles.
Monero rally in spotlight amid broader resurgence of interest in privacy-focused cryptocurrencies
Privacy-focused Monero is back in the spotlight, surging near 30% in May to $362. Monero's price increase reflects rising interest in privacy-focused crypto, driven by growing surveillance and regulatory scrutiny concerns.
Pepe Price Forecast: Bullish momentum builds as open interest, funding rate support rally hopes
PEPE price jumps over 5% on Wednesday after rebounding from a key support level the previous day. On-chain data shows rising open interest and a flip to positive funding rates, signaling strong bullish sentiment.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.