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Buyers are dominating Cardano market
ADA Price Analysis – 07 November
If sellers can keep Cardano below the $0.35 support level, it might go as low as $0.34 or $0.31. The resistance levels at $0.40 and $0.41 will be looked at if the $0.37 barrier is broken.
Key Levels:
Resistance levels: $0.37, $0.40, $0.41
Support levels: $0.35, $0.34, $0.31
ADA/USD Long-term Trend: Bullish
Cardano’s daily chart has shown bullishness. At the $0.31 support level, a bullish reversal chart pattern is visible. A positive trend began in the Cardano market. The $0.34 and $0.35 resistance levels in the Cardano market have turned into a support level. Last week saw the appearance of a strong daily bullish candle, and the price tested $0.37. The coin is experiencing a price retracement at the moment.
Cardano is showing signs of an uptrend by trading above the exponential moving averages with periods of nine and twenty-one. If sellers can keep Cardano below the $0.35 support level, it might go as low as $0.34 or $0.31. The resistance levels at $0.40 and $0.41 will be looked at if the $0.37 barrier is broken.
ADA/USD Medium-term Trend: Bullish
Cardano’s 4-hour chart indicates a bullish trend. On the chart, a double bottom pattern emerged near the $0.23 support level. In the hypothetical instance discussed last week, the sellers declined to cooperate with the buyers’ request for a price rise. The $0.35 barrier has been crossed, and buyers currently rule the market. It is approaching the $0.37 resistance level.
The fact that Cardano’s price is currently trading above both the 9- and 21-period exponential moving averages is a positive indicator. The current fall in the relative strength index period 14 may indicate a bearish movement, as it can be attributed to a selling signal with a signal line at level 61 and it may be a pullback.
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