ADA Price Analysis – November 6
Cardano gains 1.10% as the market opens today. Currently, ADA/USD hits the new monthly high to trade at $0.44.
Resistance levels: $0.049, $0.054, $0.059
Support levels: $0.039, $0.034, $0.029
Cardano (ADA) is trying to rise above the ascending channel, reaching $0.046 and approaching major resistance at $0.047. The current price trend also suggests a growth momentum in the coming days. The price has reached $0.044 after a week now. Previously, ADA had been trading for a long time at a price of $0.035 to $0.043. The coin is currently moving above the 9-day and 21-day moving averages.
Moreover, if the coin can experience an increasing volume coupled with a bullish regroup, ADA/USD pair will start to correct gain significantly on the upside. Otherwise, the bear pressure may likely become severe with more losses. However, the next level of resistance lies at $0.049, $0.054 and $0.059. In the opposite direction, ADA price may roll back to $0.039, $0.034 and $0.029 support levels if the bears step back into the market. The stochastic RSI is at the overbought which may likely give bearish signals in the nearest term.
Against BTC, the market is seen to be moving above the 9-day and 21-day moving average and within the ascending wedge channel where the price is expected to break out as revealed in the daily chart. Should the price break above the upper side of the channel, then, the market may experience an upward trend which may likely touch the nearest resistance level at 490 SAT and above.
Meanwhile, the bullish sentiment could push the market to reach 508 SAT and 515 SAT resistance levels. Similarly, if ADA price crosses down the bottom line of the channel, the coin is expected to reach the support at 440 SAT and 435 SAT price levels. The RSI (14) indicator confirms that the market is moving towards level 60 which may generate more bullish signals.
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