FxNews—Cardano dipped from its October 21 high of $0.372. Consequently, the downtrend eased when the price reached its low on October 17 at $0.338. As of this writing, Cardano trades slightly above the critical support at $0.341.
Cardano Technical Analysis – 24-October-2024
The primary trend is bearish because ADA/USD is below the 50- and 100-period simple moving averages, but the 4-hour chart formed a bullish Gartley harmonic pattern. This pattern signals a trend reversal, meaning ADA/USD can potentially reverse from the $0.338 support.
Cardano Price Forecast – 24-October-2024
ADA/USD bulls must maintain the price above the $0.338 mark for the bullish scenario. In this case, Cardano will likely aim for the $0.347 (October 20 Low) resistance. Furthermore, if the buying pressure exceeds $0.347, the next bullish target could be filling the FVG at approximately $0.358.
Cardano Bearish Scenario
Conversely, a new bearish wave will likely form if bears (sellers) close and stabilize ADA/USD below the $0.338 support. The next bearish target in this scenario could be the October 10 low at $0.330.