Cardano Price Analysis: 31 October
Cardano exhibited a bullish divergence, however, bearish momentum held sway and only a bounce can be expected before a move to the downside.
(https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2020/10/31131344/PA-3-ADAUSDT.png)
ADA closed beneath a descending channel (yellow) and also lost a level of support at $0.101. A divergence between the price and momentum indicator, RSI, is highlighted in white. This bullish divergence saw the price bounce off the $0.092 level, and further upside could be possible.
Yet the outlook for the asset remained bearish, and the most recent bounce could reach as high as $0.096 before another drop.
In other news, Cardano rolled out a Goguen release roadmap and demonstrated the ERC20 token converter, allowing tokens on Ethereum to port onto Cardano.
Learn more about the analysis here. (https://eng.ambcrypto.com/cardano-algorand-compound-price-analysis-31-october/)