Price analysis: ADA bulls look to flip critical resistance level

Price analysis: ADA bulls look to flip critical resistance level
фото показано с : coinjournal.net

2020-11-9 16:35

ADA price will break to $0.13 if bulls flip the horizontal resistance line at $0.114 into support

Cardano’s (ADA) token is trading around $0.104 against the US dollar and has crossed below the support barrier provided by the 100-day simple moving average on the daily chart.

While the price could dip even further, the technical picture for ADA/USD suggests a breakout above $0.12 if the price trends above the two major barriers.

The first target is a break above the daily 100-SMA and the next is to flip a major horizontal resistance line that has capped multiple attempts since October 12 at $0.114.

Failure to achieve these targets could provide an easy path for the bears to do further damage short term.

Cardano price daily chart. Source: TradingView

As seen in the chart above, Cardano has tested the resistance area twice in the past 30 days — on October 22 and on November 7.

If the price remains above the 50-SMA and 200-SMA, a run to the 100-SMA at $0.108 will signal a strengthening of the bullish momentum. The main objective for bulls is to prevent a rejection similar to the one witnessed at the level this past weekend, forcing ADA/USD to lows of $0.098.

On the 4-hour chart, the RSI and the MACD are suggesting a bullish divergence. If this outlook strengthens, the upward trajectory will be clear: take out $0.114, followed by an initial breakout to the psychological resistance level around $0.12, and then attack the formidable area near $0.13.

On the other hand, if Cardano bulls fail to keep bears off at the crucial barrier, a cue to the sellers could see them push prices towards the 200-SMA at $0.102. Beyond this level, a fragile ADA/USD market could see prices collapse beyond the 100-SMA at $0.100, with a decline to November 3 lows of $0.88 possible near term.

ADA/USD price on the 4-hour chart. Source: TradingView

Elsewhere in the crypto market, analysts forecast that the BTC price is likely to retest the area below the $16,000 mark before seeing a major uptick to a new 2020 high. Likewise, ETH bulls are likely to target short term highs around $500, with analysts also predicting a jump to the $800 region in the days after Ethereum launches its ETH 2.0 Beacon Chain this December.

The post Price analysis: ADA bulls look to flip critical resistance level appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

FLIP (FLP) на Currencies.ru

$ 0.0075128 (+0.15%)
Объем 24H $0
Изменеия 24h: 3.87 %, 7d: 2.28 %
Cегодня L: $0.0075128 - H: $0.0075128
Капитализация $0 Rank 8605
Цена в час новости $ 0.0087495 (-14.13%)

flip price resistance bulls ada look analysis

Источник: coinjournal.net

flip price → Результатов: 84


Hedge Funds Widely Flip Short on Bitcoin Despite Blatant Breakout

Bitcoin has been caught within the throes of an intense uptrend throughout the past few weeks This has led its price to post massive gains, with bulls now vying to post a monthly close above $13,800 for the first time Although this would mark the highest monthly close ever seen by BTC – which would be undeniably bullish – not everyone is convinced Data from the latest Commitment of Traders report from the CME shows […]

2020-11-1 01:00


Фото:

Analyst: Ethereum Could Rally Towards $432 if Bulls Flip One Key Level

Ethereum has continued seeing lackluster price action while Bitcoin rallies past its critical short-term resistance The crypto is on the cusp of flipping its $390 resistance, however, which could give it freedom to rally significantly higher in the short-term One trader is now noting that a surge up towards $432 could be in the cards if ETH can break above its short-term resistance level This would be a significant rally that potentially puts a firm […]

2020-11-1 22:00


Bitcoin Could See a Massive Squeeze as Funding Rates Flip “Extremely Negative”

Bitcoin’s price action has been lackluster as of late, providing investors with few insights into the cryptocurrency’s near-term outlook as it consolidates Although from a technical perspective, it remains unclear as to where it might trend in the near-term, there are a few factors that may provide investors with some guidance One such factor that could have some influence over the digital asset is its funding rates, which have flipped negative throughout the past few […]

2020-10-8 02:00


Фото:

Ethereum Weakens as Analysts Eye Possibility of Major Downside

Ethereum is showing some signs of weakness as its price trades below $380 Breaking above this level was a significant technical development that caused many analysts and traders to flip bullish on the crypto As its weekly candle close fast approaches, however, bears seem to be regaining control over its near-term outlook There’s a high probability that this will cause it to see further near-term downside, potentially striking a blow to its macro market structure […]

2020-9-21 22:00


Фото:

Ethereum Struggles to Flip Crucial Trendline as Analysts Eye Move to $120

Ethereum’s price has been sliding lower over the past several days Despite Bitcoin being able to maintain above the lower boundary of its long-held trading range, ETH is now trading firmly below the range it formed over the past several weeks This points to some underlying weakness amongst its buyers which comes as it nears its crucial $220 support level It also just confirmed a “death cross” formation that hasn’t been seen since March. This […]

2020-6-30 23:00


дальше еще 35 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Can Cardano rebound from its April crash? Price chart suggests...

Market sentiment around ADA continued to remain bearish.  Apart from a bull pattern, a few of the metrics hinted at a price uptick  Cardano [ADA] disappointed investors over the last few mThe post Can Cardano rebound from its April crash? Price chart suggests... appeared first on AMBCrypto.

Cardano's price loss - Is it time to scoop more ADA?

Most ADA transactions ended in a loss, prompting speculation that the price might drop again Price-DAA was below 0.50, indicating that it could be time to buy the token Losing 5.42% of its vThe post Cardano's price loss - Is it time to scoop more ADA? appeared first on AMBCrypto.

Cardano lags behind in market rally - Are ADA bulls asleep?

ADA is underperforming compared to BTC and ETH in the current market rally. Trading volumes and liquidity are lagging behind other top cryptocurrencies. As the crypto markets continues reeliThe post Cardano lags behind in market rally - Are ADA bulls asleep? appeared first on AMBCrypto.

Cardano’s "genesis keys": Centralization or necessary control?

Justin Bons raised concerns about Cardano's "genesis keys," challenging decentralization claims. Despite the challenges, Cardano highlights strong development activity. As the broader marketThe post Cardano’s "genesis keys": Centralization or necessary control? appeared first on AMBCrypto.