Cardano short-term Price Analysis: 25 November

25 November 2020, Wednesday, 09:30 - ambcrypto.com
Cardano short-term Price Analysis: 25 November
Source: Pixabay

Cardano is currently manifesting its 2nd bullish leg for the year after its run in June 2020. Attaining a new $0.1835 yesterday, Cardano is currently on a minor decline on the short-term chart. While the collective market is still bullish, a little bit of neutrality is presenting itself on ADA’s market structure.

Cardano 1-hour chart

Source: ADA/USD on Trading View

After consolidating under $0.11 for the past few weeks, ADA‘s market-rise in the month of November has been extremely explosive. However, after reaching $0.1835 yesterday, its price action has formed a symmetrical triangle. Such a pattern undergoes a breakout but the chances are evenly-split on both bullish and bearish trends.

With respect to 50-Moving Average, the indicator is currently acting as an underlying resistance. However, the price hike has been a couple with falling declining volumes, which is a major bearish divergence.

Market Reasoning

Source: ADA/USD on Trading View

The neutral trend was identified with other indicators as well. Stochastic RSI is rising in terms of bullish momentum, but it is still open for a radical shift. Relative Strength Index or RSI is currently at a level that is neutral between both the buyer and sellers. However, Awesome Oscillator indicated a clear rise in bearish momentum.

Important Range:

Resistance: $0.1835, $0.1700 Support: $0.161, $0.146 Risk Factor high to call a long or short position

Verdict:

Calling a direction over the next few hours is a little difficult since there is a contradiction in market indicators. With Cardano, the price might drop a little just because it has risen quite a bit over the past few days. However, if the bullish momentum collectively kicks in again, a re-test from $0.161 will push the asset towards $0.1835 once more.



Read Also

The volumes are screwed up, the capitalization is swollen, what's next?

The volumes are screwed up, the capitalization is swollen, what's next?

Exchanges attract daily volumes with the help of bots cheating. The altcoin is not engaged in cheating, but it attracts key players. It turns out that making decisions based on volumes is doubtful.

When to sell Bitcoin?

When to sell Bitcoin?

Everyone wants to know when to sell their tokens and leave the market. Prediction tools exist in closed access. For example, the Bitcoin Days Destroyed chart shows how active the long-term BTC coin holders are.

How not to miss the start of the bull market next time?

How not to miss the start of the bull market next time?

I would like to present a useful tool to identify the new Bitcoin growth cycle - the Golden Ratio Multiplier. Do not be afraid of unclear words. The important thing is that with the help of this chart it is easy to understand when the BTC starts a