ADA Price Analysis – November 15
Cardano made a big leap today where it reversed the trend after finding the support level at $0.041.
Resistance levels: $0.046, $0.048, $0.050
Support levels: $0.040, $0.038, $0.036
Today, as the market opens, ADA/USD touched a low of $0.041 and a high of $0.044 but currently trading at 0.042. The coin has recovered from where the market closed yesterday and the recovery has raised the expectation of buyers. Looking more closely at the chart, the price is hovering around the moving averages of 9-day and 21-day.
However, the intraday price has increased by 0.59% which is not bad. Although, the Cardano price is still struggling to stay around $0.044 by not falling off the 21-day MA and move below the channel to reach the support level at $0.040, $0.038 and $0.036, which may not be visible because the price remains above the 21-day moving average. The resistance levels to watch are $0.046, $0.048 and $0.050 while the stochastic RSI is about to enter into the oversold zone.
When compared with Bitcoin, the support level in this range is built around 460 SAT and below while the resistance is set at 535 SAT and above because the market price has just exceeded the 9-day moving average. Technically, the price started a bullish movement last month (October 27) and the RSI (14) signal line is still trying to go beyond level 70.
At the same time, the trading volume on the daily chart is bullish and currently generating some strong buy signals, indicating that buyers are dominating. Whereas, if the price begins to decline and crosses below the moving averages of 9 and 21-day, the bear could signal a downward movement for the market and may now come into play as soon as the price reaches the target support level of 460 SAT.
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