Cardano Price: Ranging Movement Continues as $2.30 and $1.87 Levels Hold

ADA Price Analysis – November 02

When the bears exert more pressure to penetrate the support level of $1.87, the support levels of $1.64 and $1.46 may be tested. An increase in the momentum of the bulls will bring a breakout at $2.30 level which will increase the price to $2.68 and $3.0.

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: Ranging

Cardano is ranging in the long term outlook. The momentum of bulls is not yet enough to break up the resistance level of $2.30. Likewise, the bears’ pressure remains weak and the support level of $1.87 holds. The coin continues its ranging movement within the $2.30 and $1.87 levels, and this may continue until there is a breakout.  Bears are exerting pressure on the support level for likely breakout.

Breakout is imminent in the Cardano market. The price is trading around and over the two EMAs with the 9 periods EMA closely placed beside the 21 periods EMA as an indication of ranging market. When the bears exert more pressure to penetrate the support level of $1.87, the support levels of $1.64 and $1.46 may be tested. An increase in the momentum of the bulls will bring a breakout at $2.30 level which will increase the price to $2.68 and $3.0.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging movement in the 4-hour chart. The price continues dangling within $2.30 and $1.87 levels as the pressure of the bulls and bears are not enough to break up the mentioned levels respectively. Ranging movement within the resistance level of $2.30 and support level of $1.87 commenced when bears lose their momentum at the support level of $1.87 and the bulls’ pressure is weak to break up the resistance level of $2.30.

ADA price is hovering over the two EMAs as 9 periods EMA is interlocked with the 21 periods EMA. The Relative Strength Index period 14 is at 50 levels displaying no specific direction.

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