ADA market capitalization topped the USDT capital this weekend, reclaiming the third position after losing to Tether on Thursday. But the recovery was short-lived, as the ADA market cap fell, and the services coin BNB already surpassed the Binance Chain.
The September market saw the assets trade as low as $2.02 at the end of the month, which put heavy selling pressure on the market. Cardano is trading at $2.17 at the time of writing, down 4 percent.
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Cardano Price Analysis:
The ADA token traded above $2.25 at the start of last week before taking a hit and dropping below $2.10 in the last two trading days of September. In October, the ADA/USD pair got off to a strong start, as it built enough positive momentum to recoup midweek losses. However, the ADA/USD asset was unable to break above the $2.50 level despite rising above $2 and maintaining the price level.
Cardano has recently completed the bullish channel pattern. The price movement that occurs upward through ascending parallel lines is known as a bullish channel, and it is considered bullish because it indicates the desire of traders to make a higher return on their investment.
If the current trend continues, indicators are pointing to a test of the $2.5 resistance level. With the new month beginning to break out of September’s sentiment, a return to equilibrium is likely as price rediscovers the retracement point from which another rally starts.
Van de Poppe expects the Ethereum competitor to bottom out at 0.000046 BTC ($2.20) before resuming its upward trend and rallying to its target of 0.000065 BTC ($3.11).
“So far, so good for Cardano.”
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