As volatility moves heavily into altcoins this week, ADA broke through several resistance levels to a new multi-week high today. It looks super bullish on the daily chart as market sentiment turns positive.
ADA’s landscape appeared to be changing to the upside on the daily chart following a fresh increase from the $0.32 level on Monday. The price surged steadily and broke out to a four-month high a few hours ago.
It faced rejection under $0.45 and cooled off buying. The price dropped slightly but remained strong on the day. A clear surge through July’s high should bring more recovery until the buying reaches an exhaustion point.
As of now, the bulls are not giving up. But if the latest rejection leads to a drop, the price may pull back to retest the recently flipped resistance levels as support. After that, we can expect buying pressure to resume.
However, it is important to note that the latest surge marks the biggest volatile buying session since the start of the year. This indicates rising demand, and if that continues to happen, a bigger volatility should be expected with a major shift in the market structure.
ADA’s Key Levels to Watch
While ADA is looking for a solid ground to resume buying pressure, the key resistance level for an increase is $0.457 – ’s high. The next resistance to watch above it is $0.49, followed by $0.522.
The price is almost retesting the flipped $0.416 level as support. If the price pulls below it, the lower support to consider for drops is $0.392. There is also support at $0.37 in case of more drops.
Key Resistance Levels: $0.457, $0.49, $0.522
Key Support Levels: $0.416, $0.392, $0.37
- Price: $0.43
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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Source: https://nulltx.com/cardano-price-analysis-prediction-november-13-ada-taps-four-month-high-following-16-pumps-signals-bullish/