Cardano Price May Continue a Bullish Trend After Retracement

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Buyer’s pressure may increase in Cardano market

 ADA Price Analysis – November 01

When the bulls’ momentum increase to break up the resistance level of $0.41, Cardano may increase to $0.42 and $0.44 levels. In case sellers oppose buyers at $0.41 resistance level, price may fall towards the low of $0.40, $0.39 and $0.36 levels.

ADA/USD Market

Key Levels:

Resistance levels: $0.41, $0.42, $0.44

Support levels: $0.40, $0.39, $0.36

ADA/USD Long-term Trend: Bullish

Cardano is bullish on the daily chart. When Cardano reached the support level of $0.33 on 21 October, bearish movement was interrupted by the bulls. This is clearly seen on the daily chart with the formation of strong daily bullish candle that engulf the previous one. The price increased and broke up the resistance levels of $0.36, $0.39 and $0.40. The price tested the resistance level of $0.44. It pulled back to retest the support level of $0.40.

Cardano is trading above the two dynamic resistance levels of 9 periods EMA and 21 periods EMA which indicate an increase in the bulls’ momentum. When the bulls’ momentum increase to break up the resistance level of $0.41, price may increase to $0.42 and $0.44 levels. In case sellers oppose buyers at $0.41 resistance level, Cardano may fall towards the low of $0.40, $0.39 and $0.36 levels.

ADA/USD Medium-term Trend: Bullish

Cardano is bullish on 4-hour chart. The chart pattern formed at the support level of $0.33 indicate that bulls are ready to take over the Cardano market. The price indeed obeyed the bulls’ command last week. Cardano price increased to the resistance level of $0.44 and the bulls lose the pressure. Bears’ momentum increased and the price carried out a retracement to $0.40 level. Bullish trend may continue soon.

The 9 periods EMA has crossed the 21 periods EMA upside as an indication of an increase in the bulls’ momentum. The relative strength index period 14 is pointing upside at 53 levels indicating a bullish direction.

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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.