[What to expect from Cardano in October 2024]
This analysis explores the potential impact of a pickup in ADA sales activity that could lead to a 29% price drop.
Cardano’s Chaikin Money Flow (CMF) indicator has been trending downward recently, and although it remains positive, buying pressure is waning, which could be a sign of less demand in the market. In addition, Cardano’s price has a negative divergence of -43.3% from daily active addresses (DAA), indicating that ADA’s gains this month are mainly driven by the overall market recovery rather than from specific demand for ADA.
Currently at $0.39, ADA price may fall below the Ichimoku cloud layer support, indicating that the recent uptrend is losing momentum. If bulls fail to hold cloud layer support, ADA price could drop 29% to $0.27. However, if demand picks up, ADA price is expected to rise towards the $0.47 resistance level.
