HomeCoinsCardano (ADA)What will it take for Cardano to reach for the $2.14 -...

What will it take for Cardano to reach for the $2.14 – $2.23 zone once again 

- Advertisement -


Although Cardano drifted within a tight channel in October, sellers have managed to bust open the cracks in the market. The period between 27 October-28 October, saw ADA shed nearly 13% of its value due to a symmetrical triangle breakdown, before a broader market recovery rescued the alt from monthly lows.

Despite some buy signals emerging on the MACD and Awesome Oscillator, ADA needed to retake key zones before falling back within a bullish-bias.

ADA 4-hour Chart

What will it take for Cardano to reach for the

Source: ADA/USD, TradingView

ADA lined up a possible 20% decline from a symmetrical triangle setup which lasted for the entirety of October. As ADA slipped beneath the critical $2.07-mark, sellers managed to initiate a breakdown from the pattern. Although ADA was yet to meet its target around $1.70, an early pushback offered at $1.90 allowed ADA to regain $2 over the past 24 hours. From here, a rise above the 20-SMA (red) and $2.07 would enable ADA to ground its feet at a strong support and hunt for higher price levels.

However, the Visible Range Profile indicated that ADA faced a large amount of sell pressure between $2.14 and $2.23, which meant that its journey upwards would not be so straightforward. Once ADA does make headway within the aforementioned region, expect another period of consolidation before a clearer trend emerges. Should ADA make its way above $2.46 at any given point, expect bulls to be in the driving seat and challenge $2.90 instantly.

On the flip side, ADA would continue its descent to$1.80 should it close below $1.90. The lack of strong support levels below $1.80 could even see ADA shed value all the towards $1.70 before any pushbacks take place.

Reasoning 

According to ADA’s indicators, the alt had fared the worst and was now on a path to recovery. The RSI bounced back from the oversold region and headed towards the mid-line. A move above 50-55 would be a sign of strength in the market. Meanwhile, a bullish crossover on the MACD and consecutive green bars on the Awesome Oscillator lined up a favorable near-term narrative as well.

Conclusion 

ADA could trade close to $2 as selling pressure gradually recedes from its market. Should buyers capitalize on some buy signals present along the indicators, ADA could make its way above $2.07 and target the $2.14-$2.23 zone once again.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,524FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 63,470.00
ethereum
Ethereum (ETH) $ 4,607.98
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 655.95
litecoin
Litecoin (LTC) $ 250.94
eos
EOS (EOS) $ 4.81
okb
OKB (OKB) $ 26.71
tezos
Tezos (XTZ) $ 5.73
leo-token
LEO Token (LEO) $ 3.12
cardano
Cardano (ADA) $ 2.03
monero
Monero (XMR) $ 259.63
stellar
Stellar (XLM) $ 0.375782
chainlink
Chainlink (LINK) $ 33.62
huobi-token
Huobi Token (HT) $ 9.82
tron
TRON (TRX) $ 0.107289
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 218.45
neo
NEO (NEO) $ 46.94
iota
IOTA (MIOTA) $ 1.28
nem
NEM (XEM) $ 0.188516
zcash
Zcash (ZEC) $ 195.90
maker
Maker (MKR) $ 2,859.20
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 55.02
vechain
VeChain (VET) $ 0.155969
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 57.04
kucoin-shares
KuCoin Token (KCS) $ 21.90
waves
Waves (WAVES) $ 23.47