Cardano Finds Breathing Room At $0.35 Support – Is This Enough For ADA?

Christian Encila

Last Updated: October 18, 2022 10:50 am

3 mins read

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Cardano is somehow keeping in-step with cryptocurrency frontrunners Bitcoin and Ethereum, sitting on price increase on its intraday chart.

Cardano failed to hold the $0.41 crucial support range and settle to the new support marker of $0.36
ADA is forecasted to trade from $.0403 to $0.416 in the coming days
Cardano addresses grow despite bearish market sentiments

Tracking from Coingecko shows the smart contract token is trading at $0.371, raising its price by almost 1% during a 24-hour period.

The altcoin, however, continues to struggle as it remains in the red zone on its 7-day and 14-day metrics, going down by 7.6% and 13.3%, respectively.

Investors, holders and traders are keeping close watch on the price movement of the crypto as it tries to bounce back after failing to sustain the $0.41 crucial support marker.

At first it appeared the asset was in for another steep fall, but it managed to cling into a new support range which could prove to be significant in determining the trend of its next price rally.

Cardano Hangs On To $0.35 Support

As seen from Cardano’s trading chart, the Bollinger band (blue line) continued to drop as ADA failed to hold the critical $0.41. It only stopped upon reaching the $0.35 marker.

Source: TradingView

Meanwhile, the crypto’s Relative Strength Index (RSI) tallied a low value of 23.4 which indicated Cardano was in oversold position and is primed for a price uptick.

If ADA manages to sustain its new support marker, a surge ranging from $0.403 to $0.416 will likely to happen over the next few days, enabling the token to start its own recovery along with other members of the crypto space.

However, if Cardano fails to hold this position again, bears will be given opportunity to gain profit as ADA will likely fall all the way to $0.336.

ADA Addresses Grow Despite Weak Value

In September 2021, Cardano managed to hit an all-time high value of $3.09. The crypto, however, already lost 80% of that value and continues to struggle to get even just to $1 marker.

But despite the immense price tanking that the asset continues to experience since hitting its ATH, retail investors seem to be unfazed.

In fact there is a noticeable increase of ADA addresses, indicating the crypto is still commanding interest among participants in crypto space.

Holders of 100 to 1,000 Cardano tokens are now accounting for 1.15% of the network’s circulating supply, going up by 0.23% from the previous tally of 0.92%.

Meanwhile, an almost identical increase is also observed to holders of 1,000 to 10,000 ADA coins which grew by 0.59%.

ADA market cap at $12 billion on the daily chart | Featured image from Shutterstock, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.