Cardano Price: $1.46 Support Level May Hold, Price Increase Envisaged
Login

Cardano Price: $1.46 Support Level May Hold, Price Increase Envisaged

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


ADA Price Analysis – November 30

Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08.

ADA/USD Market

Key Levels:

Resistance levels: $1.64, $1.87, $2.08

Support levels: $1.46, $1.31, $1.11

ADA/USD Long-term Trend: Bearish

Cardano is bearish on daily chart. The bears has been dominated Cardano market for more than two weeks. The bearish momentum decreases the price to $1.87 price level. The decrease was interrupted with the formation of bullish engulfing candle which indicate the buyers’ pressure. Cardano price pulled back to retest $2.30 level. After the pullback, bearish trend continues which penetrates the support levels of $1.87 and $1.64. It is testing $1.46 at the moment.

ADAUSD daily chart, November 30

Cardano has broken down the dynamic support levels and it is trading below the 9 periods EMA and 21 periods EMA. Should the sellers exert more pressure on the market, the support level of $1.46 will be penetrated and the support levels of $1.31 and $1.11 may be reached. Inability to break down the $1.46 by the bears may lead to an increase in price to resistance levels at $1.64, $1.87 and $2.08. The technical indicator relative Strength Index period 14 is at 20 levels with the signal line pointing downside which indicates a sell signal.

ADA/USD Medium-term Trend: Bearish

Cardano is on the bearish movement on 4-hour chart. Last week was not exempted as Cardano has been under the control of the bears. The bearish momentum pushes the price down to the support level at $1.64 before the bulls reacted against the bearish movement. The level was defended by the bulls. The price reverses and increased towards the resistance level of $1.87.

ADAUSD 4-hour chart, November 30

At the moment, it seems bearish momentum is becoming weak and the price may reverse. The price is trading around the 9 periods EMA and 21 periods EMA while the former EMAs is crossing the later upside. The relative strength index period 14 is above 50 levels and the signal line pointing up to indicate buy signal.

You can purchase crypto coins here: Buy coins

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News