CandleFocus What to Expect from Cardano (ADA) in October 2024
2024-09-30
Author: Content Editor
The price of Cardano (ADA) has increased by 12% in the past month, but there are concerns that a correction may occur in October. The analysis suggests that ADA's price could drop by 29% in the coming weeks due to a gradual resurgence in selling activity. The Cardano Chaikin Money Flow (CMF) has been trending downward, indicating a potential decrease in buying pressure and a shift towards reduced market interest or increased selling pressure. Additionally, negative readings from Cardano's price daily active-address (DAA) divergence suggest that the altcoin's rally has been driven by broader market surge rather than specific demand for ADA. If ADA fails to defend a support level provided by the Ichimoku Cloud indicator, its price may fall by 29%, potentially trading at its previous low of $0.27. However, if the market trend becomes bullish and ADA sees increased demand, its price could climb toward a resistance level of $0.47.
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