ADA Price Analysis – November 24
ADA/USD slips today as the price drops to $0.035. In the coming days, the coin may likely create a new low or recover from slippery.
Resistance levels: $0.040, $0.042, $0.044
Support levels: $0.032, $0.030, $0.028
Cardano (ADA) saw a severe fall beneath the long-term support at $0.038, which is now, subjected to the price actions below the 9-day and 21-day moving averages over the past few days of trading. As the bears take charge, the coin is now losing momentum to the lower side of the falling wedge along with a potential price surge. Meanwhile, the stochastic RSI indicator on the daily chart is within the oversold zone and may continue to issue some sell signals.
Meanwhile, looking at the chart, if ADA/USD decides to stay under the control of bears, the price may likely drop to the nearest supports at $0.032, $0.030 and $0.028 levels. Whereas, on the upside, the bulls need to push the price towards the moving averages to reach the resistance at $0.040, $0.042 and $0.044 levels.
Against Bitcoin, the market is seen to be moving around the moving averages of 9-day and 21-day within the channel where the price is expected to break below the lower boundary of the channel. Meanwhile, should the price cross down the trend line, the market will continue to experience a downward trend that could touch the nearest support level of 480 SAT and below.
In other words, if the bulls could manage and push the market towards the north and well above the moving averages, ADA/USD price may likely reach the resistance levels of 540 SAT and 545 SAT respectively. The bears may fully come into play as the RSI (14) signal line moves below level 60.
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