Buyer’ pressure is increasing in Cardano market
ADA Price Analysis – October 30
There is already a bullish reversal at $0.33 support level, in case the bulls’ momentum push price to break up the resistance level of $0.41, and price may increase to $0.44 and $0.46 levels. Should sellers oppose buyers at $0.41, Cardano price may reduce towards the low of $0.40, $0.38 and $0.37 levels.
Resistance levels: $0.41, $0.44, $0.46
Support levels: $0.40, $0.38, $0.37
ADA/USD Long-term Trend: Bullish
Cardano is bullish on the daily chart. Cardano could not continue to be under bearish momentum when the price reached the low of $0.33. Bulls defend the mentioned level with the formation of candle pattern called bullish engulfing candle. Bullish momentum is initiated and the price breaks up the $0.38 level, it pulled back and push up the price again to break up the resistance level of $0.40. The price tested the resistance level of $0.44 and pulled back. Further increase envisaged.
Cardano is trading above the two dynamic resistance levels of 9 periods EMA and 21 periods EMA which connote an increase in the bulls’ momentum. There is already a bullish reversal at $0.33 support level, in case the bulls’ momentum push price to break up the resistance level of $0.41, and price may increase to $0.44 and $0.46 levels. Should sellers oppose buyers at $0.41, Cardano price may reduce towards the low of $0.40, $0.38 and $0.37 levels.
ADA/USD Medium-term Trend: Bullish
Cardano is bullish on 4-hour chart. Bullish momentum commenced at the support level of low $0.033. Bullish engulfing candle was formed and bullish movement was triggered. The coin broke up the resistance level of $0.38, extends to $0.40. It is currently pulling back after tested the resistance level of $0.44.
Price is trading above the two EMAs and the 9 periods EMA has crossed the 21 periods EMA upside as an indication of an increased bullish momentum. The relative strength index period 14 is pointing downside at 55 levels displaying bearish direction which may be a pullback.
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