ADA/USD Price Is Heading Towards September Low 

ADA/USD Price Is Heading Towards September Low 

ADA Price Analysis – November 03

 The price is heading towards the support level at $0.08, if it breaks down the level, the support level of $0.07 will be exposed, and further decrease may reach $0.05. In case the support level of $0.08 holds, the price may reverse and target $0.10, $0.11, and $0.13 resistance levels.

 ADA/USD Market
 Key Levels:

 Resistance levels: $0.10, $0.11, $0.13

Support levels: $0.08, $0.07, $0.05

 ADA/USD Long-term Trend: Bearish

 The sellers take over the ADA market after the price tested the resistance level at $0.11 on October 23. The mentioned level Stand as a barrier to the price and it repels; the price could not penetrate the level. The bears’ momentum increases and the price decline towards the support level of $0.08 after it breaks down the support level of $0.10.

ADAUSD daily chart, November 03

 Two days ago, the price carried out a price retracement to $0.10 before it continues the bearish movement. Cardano price is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish momentum. The price is heading towards the support level at $0.08, if it breaks down the level, the support level of $0.07 will be exposed, and further decrease may reach $0.05. In case the support level of $0.08 holds, the price may reverse and target $0.10, $0.11, and $0.13 resistance levels.

 ADA/USD Medium-term Trend: Bearish

 ADA/USD is bearish on the 4-hour chart. ADA was ranging within the $0.11 and $0.10 levels last week. The bears’ pressure increase and the former support level of $0.10 were penetrated downside. Cardano price is under the bears’ pressure, moving down to touch the support level at $0.08 after it breaks down the $0.10 price level. 

ADAUSD 4 hour chart, November 03

The fast EMA (9 periods) have crossed the slow EMA ( periods) downside and the price is trading below the EMAs which connotes a sell signal. The Relative Strength Index period 14 with its signal line at 20 levels pointing down to indicate a sell signal. 

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.