Cardano’s ADA is down 1% today, now trading around $0.36. This dip shouldn’t worry ADA holders too much considering the fact that the broader crypto market is correcting today as well.
Analyst “InvestingHaven” shared insights on his X (formerly Twitter) account about potential buy zones for ADA.
Looking at the chart from mid-2023, the Cardano price has maintained a clear downward trajectory. The asset has experienced periods of significant price swings followed by more stable trading ranges, suggesting a market that’s trying to find its footing.
Potential Buy Zone for $ADA?Cardano may dip to $0.269 between Oct 25th – Nov 5th. This could be a potential buy-the-dip scenario if ADA stays above $0.222 on a 5-day closing basis.Holding above $0.222 signals stabilityKeep an eye on key levels pic.twitter.com/rTCLcQZ9cb
— InvestingHaven (@InvestingHaven) October 21, 2024
Currently trading at $0.3667, the ADA price faces immediate resistance at this level. A more substantial resistance barrier sits at $0.4200, where previous rallies have struggled to break through. On the support side, the $0.2690 level has proven significant, with multiple tests confirming its strength as a support zone.
Read also: Elite Analyst Says Dogecoin Breakout Could Lead to a Major Rally – Here’s Why
Key Levels to Watch
The analysis points to $0.2220 as a potential “buy the dip” opportunity. This level represents a zone where buyers might find value, though it’s worth noting that market conditions can change rapidly. The current consolidation phase around $0.3667 could signal a pause in the downtrend, but the overall pattern of lower highs and lower lows remains intact.
The recent trading activity suggests a period of consolidation, with the market showing signs of stabilization. While short-term traders are closely monitoring the $0.3667 area for potential momentum shifts, the marked support at $0.2220 offers a reference point for those considering longer-term positions.
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The post Where Is the Buy Zone for Cardano (ADA)? Analyst Weighs In appeared first on CaptainAltcoin.
