October update: should you buy or sell Cardano (ADA)?

 should you buy or sell Cardano (ADA)?

The price of Cardano (ADA) has advanced from $0.090 above $0.11 in less than several days and the current price stands around $0.109. Cardano has found strong support above $0.10 and the technical picture implies that the price may recover above $0.12 this October.

Fundamental analysis: Volumes are expected to increase

Cardano is an entirely open-source that represents identity, value and governance, all in one platform. Cardano has its own cryptocurrency known as ADA and according to analysts, this project could deliver more advanced features than any project previously developed.

The transaction volumes of this cryptocurrency are expected to increase and the customer base is expected to grow. Once this happens, the price of this cryptocurrency will be at much higher levels and Cardano (ADA) could be one of the best performers on the cryptocurrency market in the upcoming period.

The founder of Cardano, Charles Hoskinson said recently that only one currency will be in operation going forward. Cardano could bring greater financial inclusion and this project will eventually have the ability to issue stocks, bonds, commodities and utility tokens.

There are also some obvious risks when it comes to buying Cardano currently but if the price jumps above $0.12 this October that will be confirmation of the bullish trend. Cardano is already connected with various payment programs but one of the factors to consider before deciding whether or not to buy this cryptocurrency is the competition that Cardano faces from other similar projects.

Investors in Cardano should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Cardano (ADA).

Technical analysis: The price may advance above $0.12 this October

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $0.10 and $0.09, $0.12 and $0.15 represent the resistance levels. If the price jumps above $0.12 it would be a signal to buy Cardano (ADA) and we have the open way to $0.13.

Rising above $0.15 supports the continuation of the bullish trend and the next price target could be located around $0.20. On the other side, if the price falls below $0.10 it would be a “sell” signal and we have the open way to $0.090.

Summary

Cardano (ADA) has found strong support above $0.10 and the technical picture implies that the price may recover above $0.12 this October. A very good team stands behind this project, the fundamentals of this cryptocurrency are improving but there’s still a level of uncertainty surrounding the project.

The post October update: should you buy or sell Cardano (ADA)? appeared first on Invezz.

Publication date: 
10/14/2020 - 00:30
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.