Markets often shift quickly, and Cardano price is a good example of that. ADA was moving inside an ascending broadening channel from June until late September. This pattern usually signals growing volatility, with the price making higher highs and higher lows.
That trend came to an end on September 23 when ADA slipped below the support that had held for months. Now October begins with a different outlook, and the big question is whether ADA price will recover or slide further.
The first signals lean bearish. The break below the channel support suggests sellers are still in control. If selling pressure grows, ADA price could fall toward the next base around $0.69.
A deeper move might test $0.53, a level that marked strong support earlier in the year. Such a scenario would reflect a cautious market where buyers remain hesitant.
The bullish side depends on how ADA reacts around current levels. A decisive push back into the broken channel could be seen as a short term buying opportunity. That move might open the path toward the top of the pattern near $1. Until ADA breaks back above that level with conviction, the chart will still be seen as weak.
What CoinAnk Indicators Are Showing for ADA
We looked into the price indicators from CoinAnk, and they reveal an interesting picture. Open interest is sitting near $280M, showing steady activity in futures positions.
Net short positions are around $4.17B, while net long positions are lower at about $3.93B. This imbalance hints that bearish positions currently outweigh bullish ones, which matches the cautious chart setup.
These readings suggest that sentiment remains tilted toward the downside. However, the gap is not extreme, leaving room for quick changes if buying momentum picks up.
What to Expect from Cardano Price in October
Cardano enters October with mixed signals. On one side, the chart structure points to weakness after breaking below long term support. On the other, a potential recovery above the broken channel could quickly flip the outlook back to bullish.
ADA price may hover near $0.78 in the short term, with $0.69 acting as a critical support and $1 standing as the key level for a meaningful rebound. The weeks ahead look set to test the patience of ADA holders.