Cardano Price Prediction Today, October 15, 2022: ADA/USD Is Attempting an Upward Pullback
Following price action testing the Fibonacci support in the ADA/USD market, it appears as if price action is preparing to pull back to the upside. [...]
Following price action testing the Fibonacci support in the ADA/USD market, it appears as if price action is preparing to pull back to the upside. Furthermore, applied trading indicators are portraying activities that aligns with this opinion about this market.
ADA Analysis Statistics Data:
Cardano’s value now: $.3712
Cardano’s market cap: $12.65 billion
ADA’s moving supply: 34.28 billion
Total supply of ADA: 35.03 billion
Cardano’s Coinmarketcap ranking: #8
Due to this, we shall further examine this market to get a better understanding of price moves. Also, with the same approach and shall be analyzing the ADA/BTC market too. Most importantly, we’ll be coming up with usable trading decisions.
Important Value Levels:
Top Levels: $0.3732, $.3750, $0.3780
Bottom Levels: $0.3712, $0.3700, $0.3680
Cardano Price Prediction Today October 15, 2022: ADA/USD Showing Sings of Bullish Trend Reversal
On the ADA/USD daily market chart price action appears generally bearish. However technical indicators are already showing signs of a possible trend reversal. Since the past four sessions, price action has been pushing the lower band of the Bollinger indicator to the downside. Consequently, this has caused the Fibonacci level 100 to be tested in the previous trading session. Additionally, this has also resulted in the curves of the RSI indicator converging in the oversold region. At this point, market partakers can anticipate an upside correction in this market, as price action is ready to bounce off the lower band of the Bollinger indicator. Traders can go long or simply place a buy order at $0.3784, as the price may soon break this level to the upside. However, the later will keep them out should the downtrend continues.
Cardano Price Prediction Today October 15, 2022: Signs of Bullish Trend Reversal Continues in DOT/BTC
Even in the DOT/BTC market, there are signs that the price will most likely correct to the upside. Just like activities in the DOT/USD market, the lower band of the used Bollinger indicator has been significantly pushed. Subsequently, the fib level is 61.80 – which correlates with the price level of 0.00001970, was broken down. However, price candle may retreat above the broken level.
Your capital is at risk.
Furthermore, the RSI curves have now converged in the oversold region. At this point, two market moves can occur. If the bears stay in control price action will push lower, as the RSI line drags in the oversold. Secondly, a bounce can occur from here, following the bullish crossover on the Stochastic RSI. Therefore traders can place a pending long order at the fib level 61.80. This will keep them out if the price continues to downtrend but will be triggered if the price pulls back. At the same time, traders already in this market might want to exercise some patience by holding on to see the pullback before going shot.
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