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

Updated:

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.

ADAUSD Daily chart, November 02

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.

ADAUSD 4-hour chart, 4-hour chart

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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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.