Cardano (ADA) Price Analysis for October 17

The prices of most cryptocurrencies continue to fall, according to CoinStats.

**ADA/USD Analysis**

The rate of Cardano (ADA) has declined by 7.78% since yesterday. On the hourly chart, the price of ADA showed a false breakout above the resistance level at $0.6247. If the daily bar closes significantly below this mark, there is a high chance of a test of the support level at $0.5960 by the end of the week.

Looking at the longer time frame, sellers currently have more control than buyers. If the bulls lose the interim support zone of $0.60, we can expect a further decline toward the $0.55 range.

From a mid-term perspective, attention should be focused on the nearest key level of $0.5192. Should the weekly bar close below this level, there is a strong possibility that ADA will move down into the $0.50 range.

At press time, ADA is trading at $0.61919.
https://u.today/cardano-ada-price-analysis-for-october-17-0

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