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Buyers are dominating Cardano market
ADA Price Analysis –24 October
If sellers are able to keep Cardano below the $0.26 support level, it might fall as low as $0.25 or $0.24. The resistance levels at $0.29 and $0.30 will be tested if the $0.28 level is broken.
Key Levels:
Resistance levels: $0.28, $0.29, $0.30
Support levels: $0.26, $0.25, $0.24
ADA/USD Long-term Trend: Bullish
The outlook for Cardano is favorable on the daily chart. A bullish reversal chart pattern is clearly displayed at the support level of $0.23. The cryptocurrency has commenced a bullish trend. The former resistance levels of $0.25 and $0.26 have turned out to be a support level in the Cardano market. Yesterday, a strong daily bullish candle emerged and the price tested the $0.28 level. Today, there is a temporary price pullback retesting the $0.28 level at the moment.
Cardano is currently in an uptrend and is trading above both the 9- and 21-period exponential moving averages. If sellers are able to keep the price below the $0.26 support level, it might fall as low as $0.25 or $0.24. The resistance levels at $0.29 and $0.30 will be tested if the $0.28 level is broken.
ADA/USD Medium-term Trend: Bullish.
The 4-hour chart for Cardano shows an upward trend. At the $0.23 support level, a double-bottom chart pattern is formed. This hypothetical situation occurred last week when buyers resisted the seller’s attempt to push the price lower. Right now, buyers are in control of the market, and the $0.26 barrier has been crossed. It is moving in the direction of the $0.29 resistance level.
A bullish indication is created by the price of Cardano now trading above both the 9-period and 21-period exponential moving averages. A selling signal with a signal line at level 73 has caused the present decline in the relative strength index period 14, which may be a pullback.
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