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11/29/2022

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This is the Level ADA Bulls Need to Break to Reverse the Momentum (Cardano Price Analysis)

The post This is the Level ADA Bulls Need to Break to Reverse the Momentum (Cardano Price Analysis) appeared on BitcoinEthereumNews.com. Cardano has made a higher low in the past few days compared to last week, which could encourage...

This is the Level ADA Bulls Need to Break to Reverse the Momentum (Cardano Price Analysis)

Cardano has made a higher low in the past few days compared to last week, which could encourage bulls to take over the price action in the near term.

Key Support levels: $0.30, $0.28

Key Resistance levels: $0.34, $0.38

Even though the sellers tried to push ADA’s price lower, they failed to break below the previous low. For this reason, buyers could get back on the offensive and attempt to take the price to the key resistance at $0.34. The current support levels remain at $0.28 and $0.30.

ADAUSDT_2022-11-29_18-43-54Chart by TradingView

Technical Indicators

Trading Volume: The volume remains low and shows bears have become exhausted. This could be the opening the bulls were waiting for.

RSI: The daily RSI is making higher lows, similar to the price. This is bullish.

MACD: The daily MACD did a bullish cross over the weekend, and since then, the momentum is leaning in favor of the buyers.

ADAUSDT_2022-11-29_18-44-12Chart by TradingView

Bias

The bias for ADA is neutral.

Short-Term Prediction for ADA Price

ADA has managed to stop the downtrend, and now the indicators give hope of a possible rally toward the key resistance at $0.34. If ADA manages to break above this resistance, then the price action will turn bullish, and buyers will target $0.38 next.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/this-is-the-level-ada-bulls-need-to-break-to-reverse-the-momentum-cardano-price-analysis/

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