Cardano Price: Bulls Are Exerting More Pressure to Breakout at $2.30

Updated:

ADA Price Analysis – November 09

In case the bulls exert more pressure to penetrate the resistance level of $2.30, the resistance levels of $2.68 and $3.0 may be tested. When the resistance level of $2.30 holds, ranging movement may continue, below the current price level are $1.87, $1.64 and $1.46 support levels.

ADA/USD Market

Key Levels:

Resistance levels: $2.30, $2.68, $3.0

Support levels: $1.87, $1.64, $1.46

ADA/USD Long-term Trend: Bullish

Cardano is bullish in the long term outlook. The coin was experiencing low volatility last week and the price was consolidating within $2.30 and $1.87 levels. The momentum of bulls is increasing with the aim of breaking up $2.30 level. At the moment, it is testing the mentioned level. Bullish breakout envisaged.

ADAUSD daily chart, November 09

The price is trading above the two EMAs with the 9 periods EMA trying to cross the 21 periods EMA to establish a bullish market. Breakout is imminent in the Cardano market. In case the bulls exert more pressure to penetrate the resistance level of $2.30, the resistance levels of $2.68 and $3.0 may be tested. When the resistance level of $2.30 holds, ranging movement may continue, below the current price level are $1.87, $1.64 and $1.46 support levels.

ADA/USD Medium-term Trend: Bullish

Cardano is on the bullish movement in the 4-hour chart. Buyers may push the price out of the ranging zone as the bulls’ momentum is becoming stronger and the price is increasing accordingly. The price is currently testing the resistance level of $2.30 and this may lead to bullish breakout.

ADAUSD 4-hour chart, November 09

ADA price is trading above the two EMAs as 9 periods EMA crossed above the 21 periods EMA. The Relative Strength Index period 14 is at 80 levels displaying strong bullish signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.