Cardano Price Analysis 11/03: ADA Price Recovers Above the $0.3 Level After A Bullish Breakout

SNEAK PEEK

• The Cardano (ADA) price shows a bullish potential at the $0.30 level after a breakout today.
• Resistance Level for ADA/USD; Despite the recent bullish rally, ADA still faces strong resistance at the $0.31 level.
• The ADA/USD has seen a surge of 1.95% in the last 24 hours after a bullish breakout.

According to today’s Cardano price analysis, the price has recovered above the $0.30 level after a bullish breakout today. The price has traded in a narrow range between the $0.28 and $0.30 level over the past week, but it has finally broken out of this range today. The pair is currently trading at $0.3086, which is 1.95% higher than yesterday’s close price.

The bearish pressure has been ruling the market for most of the days after the sudden surge in price. However, the bulls have been able to take control of the market and push back the bearish pressure. The buying pressure is increasing as the buyers gain confidence, and the price is expected to continue its upward trajectory.

The support level for the cryptocurrency is present at the $0.30 level, and if it is able to sustain above this level, then it can break through the resistance of $0.31, which is currently holding back the price from further growth. However, if the price fails to sustain above the $0.30 level, then it may face a sudden crash back down to the $0.28 support zone or lower.

In the over market today, most of the major cryptocurrencies are trading in the green, with the top coin, Bitcoin (BTC), being up by 2.38%. Ethereum (ETH) is also trading in the green, with a gain of 2.25%, and XRP is up by 0.33%, which has helped the entire market to gain momentum.

The market capitalization has increased by 2.05%, with ADA’s market cap standing at $10,727,056,514 USD, indicating that the selling pressure has been reduced in the market. However, the 24-hour trading volume is still low at $481,595,281 USD which is a decrease of 12.10%. Cardano is currently ranked the 7th largest cryptocurrency according to CoinMarket Cap data.

The technical indicators for the ADA/USD pair are mostly bullish and suggest that the price may remain above the $0.30 level in the short term. The volatility is high, with Bollinger bands widening, suggesting that the market is in an uptrend. The upper Bollinger band is seen at 0.4059, and the lower Bollinger band is at 0.2962, which means that the price may continue to remain in between this range.

Additionally, the Moving average convergence divergence (MACD) is in positive territory and shows a bullish crossover, indicating that the buying pressure is likely to continue in the near term. The MACD line (blue) has crossed above the signal line (red), which suggests that the bulls are in control. The RSI (relative strength index)value is currently at 30.79, which is slightly above the overbought zone.

In conclusion, the Cardano price analysis of 11/03 suggests that the price is likely to remain above the $0.30 level in the short term if the bulls continue to dominate the market. The selling pressure has been significantly reduced, and the buying pressure is increasing as the buyers gain confidence. The technical indicators are also strongly bullish, indicating that this uptrend may continue in the near future.

Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis and all the facts we give. Each reader is responsible for his or her investigation. Reader discretion is advised before taking any action.

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• Source: https://investorbites.com/cardano-ada-price-analysis-11-03/