After weeks of its assets trading sideways, the cryptocurrency sector seems to have briefly regained some of its strength, and investors are now analyzing the movements of one of the largest cryptos – Cardano (ADA) – to try and predict its future.
According to its current price action on the charts, Cardano looks to be in a “long-term, massive area to buy for investments,” crypto trading expert and analyst Michaël van de Poppe observed on October 30.
As he explained, the crucial area to hold for the downtrend to break is at around $0.4103 and it:
“Might even be the low of this bear market.”
ADA technical analysis
That said, the technical analysis (TA) for ADA is in the neutral zone, as its summary points to ‘neutral’ sentiment at 8, ‘buy’ at 8, and ‘sell’ at 10. Upon further breakdown, the oscillators indicate selling at 3, neutral at 7, and only 1 for ‘buy.’
Taking into account Cardano’s moving averages (MA), the technical indicators suggest a ‘neutral’ sentiment at 1, with both selling and buying sentiments at 7, according to data retrieved from TradingView on October 31.
Cardano price analysis
At press time, Cardano was changing hands at the area identified by Van de Poppe – the price of $0.4125, which represents a decline of 0.45% on the day, but is still a double-digit gain (13.56%) compared to the previous seven days.
Meanwhile, the total market worth of Cardano has continued to grow after it added over $1 billion in market cap and recorded significant immediate price gains upon the market’s bullish switch in the last week, and is currently standing at $14.06 billion, positioning ADA as the ninth-largest crypto by this indicator.
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