Cardano (ADA) Price Analysis for October 22

Bulls are holding the initiative on the last day of the week, according to CoinStats.

ADA/USD

The price of Cardano (ADA) has declined by 0.40% over the last 24 hours.

On the hourly chart, the rate of Cardano (ADA) is in the middle of a local channel, getting energy for a further move. Any sharp moves are unlikely to happen today as most of the ATR has been passed.

On the daily time frame, traders should pay attention to the nearest resistance level of $0.265. If a breakout happens and the rate fixes above it, the upward move may continue to the $0.28 zone soon.

On the bigger chart, buyers may seize the initiative as the bar is about to close in the bullish area. If that happens, one can expect sideways trading in the area of $0.27-$0.28 shortly.

ADA is trading at $0.2578 at press time.

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