ADA/USD Price Is Gathering momentum to Explode

ADA/USD Price Is Gathering momentum to Explode

ADA Price Analysis – November 10

 The price may likely reach the resistance level of $0.11 level and possibly break it up to test $0.13 and $0.15 level. In case the resistance level of $0.11 holds, the price may reverse towards the south and decrease to support levels at $0.10, $0.08, and $0.07. 

 ADA/USD Market
 Key Levels:

 Resistance levels: $0.11, $0.13, $0.15

Support levels: $0.10, $0.08, $0.07

 ADA/USD Long-term Trend: Bullish

 The bears’ momentum was interrupted at the support level of $0.08 by the bulls; this makes the coin to be bullish in the daily chart. The bulls then take over the ADA market. The bulls push up the price to break up the resistance level of $0.10. The price is currently exposed to the $0.11 resistance level. The market was completed with the formation of the daily Doji candle yesterday.  

ADAUSD Daily chart, November 10

Today, it seems the bulls are preparing to dominate the market as the daily candle formation is bullish. The price is trading above the two EMAs which indicate a buy signal. The more momentum gain by the bulls the higher will be the price of the coin. The price may likely reach the resistance level of $0.11 level and possibly break it up to test $0.13 and $0.15 level. In case the resistance level of $0.11 holds, the price may reverse towards the south and decrease to support levels at $0.10, $0.08, and $0.07. 

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bullish on the 4-hour chart. The coin breaks up the former resistance level of $0.10 after a brief consolidation that took place last two weeks. ADA soared and tested the resistance level of $0. The bulls’ momentum failed to break up the mentioned level. Price retracement was carried out but the support level of $0.10 holds and the price commences ranging movement at the level.

ADAUSD 4 hour chart, November 10

 The price is consolidating over the 9 periods EMA and 21 periods EMA, also, the Relative Strength Index period 14 with its signal line parallel at 55 levels confirms that consolidation is in progress. 

 

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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.