ADA’s market capital topped that of USDT this weekend, recovering third place after losing it to Tether on Thursday. The rebound was short-lived, however, as ADA’s market cap plummeted, and Binance Chain’s utility coin BNB has already surpassed it.
The September market saw the asset trade as low as $2.02 at the end of the month, putting severe selling pressure on the market. Cardano price is trading at $2.17 at the time of writing and is down by 4 percent.
Cardano Price Analysis:
The ADA token was trading above $2.25 at the start of last week before taking a hit and falling below $2.10 in the last two trading days of September. In October, the ADA/USD pair got off to a solid start, accumulating enough positive momentum to recover mid-week losses. The ADA/USD asset, however, has been unable to break through to the $2.5 level despite increasing above $2 and maintaining the price level.
Cardano has recently finished an Ascending Channel pattern. The price action that occurs upward through rising parallel lines is known as an ascending channel, and it’s considered bullish since it indicates traders’ desire for a higher return on their investment.
If the current trend continues, indicators point to a test of the $ 2.5 resistance level. With the new month beginning with a departure from September’s tendencies, a return to balance is likely as the price rediscovers a rebound point from which to launch another rise.
Van de Poppe predicts that the Ethereum rival will make a bottom at 0.000046 BTC ($2.20) before resuming its bull trend and surging to his aim of 0.000065 BTC ($3.11).
“So far, so good for Cardano.”