Cardano Price: Buyers Prevail Over Sellers

Price soars above $0.577 level

ADA Price Analysis – 12 November

 Buyers can attempt to test the resistance levels at $0.676 and $0.706 if they can keep the price above the $0.626 barrier. If the $0.577 barrier is overcome, the support levels of $0.511 and $0.488 will be taken into account.

Key Levels:

Resistance levels: $0.626, $0.676, $0.706

Support levels: $0.577, $0.511, $0.488

ADA/USD Long-term Trend: Bullish

The daily chart for Cardano shows an upward trend. On September 27th, the chart showed a double top formation near the resistance level of $0.402. The price tested the previously identified resistance level after first encountering resistance at the expected first level of $0.402. But once again, the price came down. A bearish candle pattern was displayed on the daily chart. The support level of $0.488 was tested, and bullish candles started forming. Bullish movement has been clearly noticed since November 06. The price is currently approaching $0.626 resistance level.

The Cardano market appears to be firmly under the bulls’ control. Given that Cardano is inclining more quickly than the Hull Suite forex signals indicator, bulls are currently controlling the market. Buyers can attempt to test the resistance levels at $0.676 and $0.706 if they can keep the price above the $0.626 barrier. If the $0.577 barrier is overcome, the support levels of $0.511 and $0.488 will be taken into account.

ADA/USD Medium-term Trend: Bullish

Cardano’s 4-hour chart indicates an inclining trend. In the past three weeks, it has attempted twice without success to overcome the support level shown by the $0.366 4-hour chart. As buying momentum increase and more bulls than bears entered the market, ADA’s value increased to roughly $0.626. Buyers are holding the bullish engulfing candle that appeared when the currency crossed back over the predetermined level. The price right now is about $0.626.

Given that Cardano’s price is currently above the Hull Suite Crypto indicators and that the best forex signal source, the QQE MOD indicator, is above the zero line and displaying a buying signal.

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