Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Cardano (ADA) Pressure Mounts—More Downside on the Horizon?

Source Newsbtc

Cardano price started a fresh decline from the $0.680 zone. ADA is consolidating near $0.620 and remains at risk of more losses.

ADA price started a recovery wave from the $0.5850 zone.
The price is trading below $0.640 and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another increase if it clears the $0.640 resistance zone.

Cardano Price Faces Resistance

In the past few sessions, Cardano saw a fresh decline from the $0.680 level, like Bitcoin and Ethereum. ADA declined below the $0.650 and $0.640 support levels.

A low was formed at $0.6040 and the price is now consolidating losses. There was a minor move above the $0.6120 level. The price tested the 23.6% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low.

Cardano price is now trading below $0.640 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.6260 zone and the 50% Fib retracement level of the recent decline from the $0.6481 swing high to the $0.6040 low.

The first resistance is near $0.6350. There is also a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the ADA/USD pair. The next key resistance might be $0.6480.

If there is a close above the $0.6480 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.680 region. Any more gains might call for a move toward $0.70 in the near term.

Another Drop in ADA?

If Cardano’s price fails to climb above the $0.6350 resistance level, it could start another decline. Immediate support on the downside is near the $0.6040 level.

The next major support is near the $0.60 level. A downside break below the $0.60 level could open the doors for a test of $0.580. The next major support is near the $0.5550 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.

Major Support Levels – $0.6040 and $0.580.

Major Resistance Levels – $0.6350 and $0.6480.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Author TradingKey

9 hours ago

On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Gold closed below $4,000 again — the ETF crowd and central banks stayed, the momentum money left Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Author Irene Q.

14 hours ago

Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't break Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Author Irene Q.

15 hours ago

Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Gold Extends Slide Below $4,000 as Rising US Inflation, Fed December Hike Bets Pressure Prices On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Author TradingKey

15 hours ago

On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Bitcoin lost its 200-day average — but the exit started three sessions before the CPI Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Author Suzie

Yesterday 03: 22

Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Popular Symbols