Oct, 12 2022

VOT Research Desk

Cardano price movement falls nearly 7% in only two trading days, not only marking the month’s worst performance but also wiping out all accumulated profits.

A significant setback for investors and traders who must be growing tired of these squeezes. Nonetheless, the numerous tests and rejections on that downward trend line provide as apparent danger indicators.

As a result, the ADA price is now anchored and has bounced off $0.384 for the second time this year.

Expect a rebound back to the red declining trend line, with the next rejection perhaps being another huge one finishing its job and breaking through the $0.384 low. Another 8% drop is predicted, with $0.36 as the next price tag to be achieved in the continuous fall.

It would be a stretch, but a full recovery is possible if the Bank of England, for example, ups its game and returns to the market to bolster bond market supplies. The markets would breathe a sigh of relief and see a risk-on rise across several asset classes in the financial markets.

With a 10% increase, cryptocurrency prices would skyrocket. A double top at $0.427 might be in the cards depending on the cause and market movement.

Oct 10, 2022

VOT Research Desk

The price movement of Cardano (ADA) has attempted to break through a large bearish component that has been pulling price activity downward since September.

When a result,  ADA price movement is expected to continue to decline as the dollar makes modest gains on Monday as a result of this potentially significant development. Expect to see another run below near $0.40 after $0.417, the bottom for October, has been removed from the market.

From there, a test of the altcoin’s January 2021 bottom of $0.388 is not out of the question, printing new two-year lows.

Alternatively, if US markets are able to change the course of events, ADA price might surge higher.

This might indicate that US stocks rise and ignore the pessimistic attitude from Asia and Europe. In this case, the bull trap may be released, allowing bulls to advance into $0.46, where the monthly pivot and the 55-day Simple Moving Average (SMA) might act as double ceilings for more gains.