Logo
Cardano Ecosystem

BitcoinEthereumNews

11/10/2022

·

188 views


Cardano Loses $0.37 Support as It Resumes Selling Pressure

The post Cardano Loses $0.37 Support as It Resumes Selling Pressure appeared on BitcoinEthereumNews.com. Nov 09, 2022 at 10:43 // News Cardano (ADA) has fallen below its moving average line, signaling a downturn in the cryptocurrency. The initial downturn...

Cardano Loses $0.37 Support as It Resumes Selling Pressure

Nov 09, 2022 at 10:43 // News

ADA will climb above the moving average lines

Cardano (ADA) has fallen below its moving average line, signaling a downturn in the cryptocurrency. The initial downturn forced the altcoin to fall to its low of $0.34 on November 8.


The altcoin has corrected higher over the past 48 hours while consolidating above the $0.37 support. If the $0.37 level holds, ADA will climb above the moving average lines. Upside momentum could resume. It would be possible for buyers to retest the upper boundary at $0.60. However, if ADA/USD falls below $0.37 support, selling pressure would resume. At price levels of $0.33 and $0.34, Cardano will retreat and return to the previous low. 


Cardano indicator analysis 


Cardano has fallen to level 42 on the Relative Strength Index for the 14 period due to the current decline. The price bars are currently below the moving average lines, indicating that the altcoin will continue to trend downwards. A positive momentum is that Cardano is above the level 25 of the daily stochastic. 


ADAUSD( Daily Chart0 - November 9.png

Technical indicators 

Key Resistance Zones: $1.00, $1.20, $1.40

Key Support Zones: $0.60, $0.40, $0.20 


What is the next move for Cardano 


Cardano is currently trading between $0.34 and $0.40 after the price collapsed on November 8. The collapse on November 8 was followed by the $0.34 price level. Moreover, the $0.40 resistance zone staved off an upward correction. If the cryptocurrency breaks above the $0.40 resistance, the rally will resume. If the current support level of $0.34 is breached, the downtrend will continue. 


ADAUSD(4 Hour Chart) - November 9.png


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing in funds.

Source: https://coinidol.com/cardano-0-37-support/

Post navigation

AD

World’s First Multi-Token ISPO — By Genius X - Starts on 12th of September, epoch 363!

Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the world’s first Multi-Token ISPO.I WANT TO KNOW MORE!


Read Original Article on BitcoinEthereumNews

ORIGINAL SOURCE

https://bitcoinethereumnews.com/technolo...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


NotifyLog - One stop tool for events tracking and analytics

More from BitcoinEthereumNews

See more
Cardano or Solana - Which is the better investment in 2023? - BitcoinEthereumNews.com
BitcoinEthereumNews
Cardano or Solana - Which is the better investment in 2023? - BitcoinEthereumNews.com

today at 4:37 AM

·

4 views

Related News

See more
WingRiders Governance Token

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)
NotifyLog - One stop tool for events tracking and analyticsWorld’s First Multi-Token ISPO — By Genius X