Cardano Price Prediction Today, October 8, 2022: ADA/USD Price Action Is Pulling Back

After what seems to be an upwards correction in the ADA/USD price action, the bears soon resumed their onslaught. And now, it looks like price action seems to be preparing to fall even lower than the previous point of upside correction. Consequently, this calls for more observation.

Cardano’s Analysis Statistics Data:
ADAs value now: $0.4239
Cardano’s market cap: $14.53 billion
ADA’s moving supply: 34.27 billion
Total supply of Cardano: 34.99 billion
ADA’s Coinmarketcap ranking: #8

Furthermore, we’ll also look into the ADA/BTC market. And, we shall study both the ADA/USD and ADA/BTC markets with aim of finding a safe, and perhaps a profitable way of navigating this market.

Important Price Levels:
Top Levels: $0.4280, $0.4320, $0.4370
Bottom Levels: $0.4239, $0.4200, $0.4160

Cardano Price Prediction Today October 8, 2022: ADA/USD Retraces to the Downside

Studying the ADA/USD 24-hour chart, it could be seen that price action quickly found a hard ceiling. Subsequently, price movement took a quick rebound to the downside. Furthermore, looking at the RSI, it’s logical to predict that a downward pullback at this level of the indicator may likely cause the Bollinger band to be tested. However, traders can still expect price action to bounce off the price level of $0.4200. But, be that as it may, looking at the level of the downward crossover on the RSI, traders should also expect that price may fall lower than the anticipated level.

Cardano Price Prediction Today October 8, 2022: ADA/BTC Is Trending Upwards

After the bears has pushed the Bollinger indicator in between the 38.20 and 50 Fibonacci levels, price action took off the lower limit of this indicator to the upside. If buyers can keep winning, price action may break the Fibonacci level of 38.20.

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Moving on, the stochastic Indicator is now pointing to the upside, after staying flat-out in the oversold region. Nevertheless, the current price upward movement still looks weak judging by the level of the RSI lines. Traders in this market are left with two options. The first is that they can hope that price will continue to move upward from here. While the second is that they can wait till the price candle breaks the 38.20 Fibonacci level before making an entry.