Cardano (ADA) Price Analysis for October 29

Neither bulls nor bears are dominating today, according to CoinStats.

ADA/USD

The price of Cardano (ADA) has risen by 0.6% over the last 24 hours.

On the hourly time frame, the rate of ADA has set a local resistance of $0.2958. If the daily bar closes around that mark, the breakout may lead to a blast to the $0.30 zone soon.

Bulls are also dominating on the daily time frame. If a breakout happens, the accumulated energy might be enough for a continued rise to the $0.3050-$0.31 area next week.

From the midterm point of view, the candle is about to close in the bullish zone.

Moreover, if that happens with no long wicks, traders are likely to see a test of the $0.32 area by mid-November.

ADA is trading at $0.2955 at press time.

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