Cardano Price Prediction for Today, October 20: ADA/USD Trades in the Range Around $0.350

Updated: 20 October 2022

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As the daily chart reveals, the Cardano price prediction has not been able to develop the upside momentum above the $0.350 level.

Cardano Prediction Statistics Data:

Cardano price now – $0.350
Cardano market cap – $12.1 billion
Cardano circulating supply – 34.3 billion
Cardano total supply – 35 billion
Cardano Coinmarketcap ranking – #8

ADA/USD Market

Key Levels:

Resistance levels: $0.450, $0.500, $0.550

Support levels: $0.250, $0.200, $0.150

At the opening of trading today, ADA/USD is likely to trade near the resistance level of $0.360. Unfortunately, the coin failed to hold the ground above this level as it quickly retreated towards the support of $0.340. Moreover, the Cardano price has been following a bearish movement for the past few weeks. Therefore, the coin may now remain at a tight range, which could limit its bullish movement toward the upside.

Cardano Price Prediction: Cardano Price May Move Sideways

The Cardano price commences an intriguing recovery towards a $0.360 resistance level, and the initial break above the 9-day and 21-day moving averages may boost the price to the upside. However, the Cardano (ADA) hit a daily high of $0.355 before retreating to where it is currently trading at $0.350.

However, the short-term trend remains in the hands of the bears supported by the technical indicator where the Relative Strength Index (14) is within the oversold region. Therefore, a break above the upper boundary of the channel may most likely push the coin to the potential resistance levels of $0.450, $0.500, and $0.550, while a break below the lower boundary of the channel may lead the crypto to the support levels of $0.250, $0.200, and $0.150 respectively.

Against Bitcoin, ADA is consolidating below the 9-day and 21-day moving averages, and the bulls have not been able to push the price to the upside. Therefore, should in case the Cardano price cross above moving averages, the market price may hit the resistance level of 2100 SAT and above.

However, if the coin creates an additional downtrend, ADA/BTC may head to the critical support level of 1600 SAT and below. Meanwhile, the technical indicator Relative Strength Index (14) remains within the oversold region, indicating bearish signals.

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