ADA/USD May Rise After a Key Resistance Break

ADA/USD May Rise After a Key Resistance Break

ADA Price Analysis – November 17

 The breakout at the resistance level of $0.11 may push up the price to the resistance levels of $0.13 and $0.15. In the same vein, the breakout at the support level of $0.10 may reduce the price to the support level of $0.08 and $0.07.  

 ADA/USD Market
 Key Levels:

 Resistance levels: $0.11, $0.13, $0.15

Support levels: $0.10, $0.08, $0.07

 ADA/USD Long-term Trend: Ranging

 Cardano is ranging within the resistance level of $0.11 and the support level of $0.10 in the long-term outlook. The bulls took over the ADA market after the price bottomed at $0.08 and the mentioned level holds. The bulls push up the price to break up the resistance level of $0.10. The price moves towards the $0.11 resistance level. The bulls ‘momentum to break up the resistance level of $0.13 is weak; likewise, the bears’ pressure is not enough to breakdown the support level of $0.10.  

ADAUSD daily chart, November 17

 The price consolidation commenced as a result of weak bears’ and bulls’ momentum. The 9 periods EMA is tightly close to the 21 periods EMA and the price is trading over and around the two dynamic levels. The breakout at the resistance level of $0.11 may push up the price to the resistance levels of $0.13 and $0.15. In the same vein, the breakout at the support level of $0.10 may reduce the price to the support level of $0.08 and $0.07.  

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bullish on the 4-hour chart. After the breakup of the former resistance level of $0.10, the coin soared towards the resistance level of $0.11. The price could not get to the mark due to interruption from the bears with the formation of strong bearish candles and the coin retested the support level of $0.10. Since then, the price commences a consolidation around the $0.10 level. 

ADAUSD 4-hour chart, November 17

Today, the market opens with bullish candles trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls are ready to dominate the market. Also, the Relative Strength Index period 14 with its signal line strongly pointing up at 60 levels connotes a price increase. 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.