ADA Price Analysis – November 24
When the price breaks up the $0.17 level upside, then, $0.19 and $0.21 levels will be the next target. In case the resistance level of $0.17 is defended by the bears, there could be a price reversal which may lead to price declination towards support levels of $0.15, $0.13, and $0.11.
ADA/USD Market
Key Levels:
Resistance levels: $0.17, $0.19, $0.21
Support levels: $0.15, $0.13, $0.11
ADA/USD Long-term Trend: Bullish
The bulls could not withstand a long time consolidation of Cardano price within the former resistance level of $0.11 and support level of $0.10 that took place a few days ago in the ADA market. There is a bullish breakout at the $0.11 price level and the price is soaring higher towards the resistance level of $0.17. The former resistance level of $0.13 and $0.15 has turned to a support level after the coin penetrates the level upside.
The 9 periods EMA that was interlocked to the 21 periods EMA before has crossed its upside and the price is trading above the two EMAs at a distance which connotes strong bullish momentum. The price is currently targeting the $0.17 resistance level, if the price can break the just mentioned level upside, then, $0.19 and $0.21 levels will be the next target. In case the resistance level of $0.17 is defended by the bears, there could be a price reversal which may lead to price declination towards support levels of $0.15, $0.13, and $0.11.
ADA/USD Medium-term Trend: Bullish
ADA/USD is bullish on the 4-hour chart. The price increases to $0.13 after the breakout at the $0.11, it pulls back and breaks up the $0.13 level. It increases to $0.15; pulls back and breaks it up. The price is currently moving towards the resistance level of $0.17. Further increase in the bulls’ momentum may break up the $0.17 level.
Cardano is trading far above the 9 periods EMA and 21 periods EMA which indicates strong bullish momentum and that the bulls are dominating the market. The Relative Strength Index period 14 with its signal line strongly pointing up at 80 levels connotes further price increase.
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