Cardano Price Prediction: Today’s ADA Price, 28th Oct 2022

The ADA/USD pair is breaking its weekly bearish trend and generating bullish engulfing candles this week as it trades aggressively in the bullish direction. ADA dropped more than 14% to $0.37 last month, yet this point served as a strong support and started an uptrend.

ADA has broken out of a descending triangle pattern on the daily timeframe that had been keeping it from moving past $0.40, but this level is now acting as strong resistance. Sharp selling and the continuation of a downward trend are typically the outcomes of a bearish triangle pattern breakout.

A bearish breakthrough of this level would likely push the price of ADA much lower, maybe to $0.30. On the downside, ADA’s immediate support is still located close to $0.35.

Leading indicators like the MACD and RSI are moving towards a buying zone, but the 50-day moving average indicates a bias toward selling. Technical indications do not support long-term bullish patterns, but the fundamental side points to a bullish trend in the future.

While it is improbable that Cardano will ever hit $10, a breakthrough and close of candles outside of $0.42 may trigger a continuation of the purchasing trend till $0.48.

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