- Cardano price breaks past $0.107
- Cardano price set to surpass the $0.1137 mark
- ADAUSD has found multiple support levels heading towards $0.11
The Cardano price prediction by Vince Prince depicts that the cryptocurrency will rise towards the $0.1137 mark. The cryptocurrency rose past the $0.107 level on the 9th of November.
1-Day Cardano price analysis
The cryptocurrency was priced at $0.1069 US Dollars on Bitfinex at the time of writing. The price fell to a day’s low of $0.101.
ADA price rises to $0.107
The Trading View analyst Crypto BBB stated that the ADA price will move towards the $0.107 mark after entering a long position. The analyst has highlighted double trend lines on the 1h time frame, and they believe that the coin has been trading above these trend lines from the 3rd of November.
Looking at the chart above, we can see that the cryptocurrency is supported by the two Double Exponential Moving Averages (DEMA), the 228 and the 338 ones marked in red as they trace right above the trend line. The price is expected to follow this ascending trend line from here onwards as well. A flat resistance was formed in red near the $0.1071 level, and the altcoin broke above this resistance level on the 6th of November, while it returned below it during the fall that occurred on the 7th of November. The stop-loss for this trade was marked at $0.100, and this trade came into play on the 9th of November.
What to expect from Cardano?
If we are looking for what to expect from the ADAUSD pair, we can look at the idea by Khashayar from Trading View. The analyst believes that the price will see a pullback from here and fall towards a flat support level at $0.06 before it bounces off and sees an ascension.
Multiple resistances lie between the $0.15 to $0.23 levels, and the analyst expects the price to test these resistances while it trends upwards on the charts. The cryptocurrency is expected to bounce off these resistances and form supports here until it can see a final uptrend towards the top of this setup. The eventual target price lies above the $1 mark. The Relative Strength Index (RSI), as observed on the chart above, suggests an uptrend as well. The technical indicator curved and closed above 53.00, which is still the neutral zone for the cryptocurrency.
Cardano price prediction: Rise to $0.1137 ahead?
Vince Prince expects Cardano to fall towards the $0.103 level as it trades in a triangle. The altcoin has assumed a wave-pattern here, and the bottom of the triangle, along with the Exponential Moving Average in black, is expected to be tested by the cryptocurrency. The multiple support levels here will form an adequate back-up-cluster for the price to see an upward bounce.
The bounce at the bottom of the triangle pattern should allow the price to break above the pattern, where it will pullback towards the broken trend line after testing another falling resistance of a bigger triangle pattern. The price should break upwards after a retest of the upper boundary of the bigger triangle. Per the analyst, the cryptocurrency will eventually rise towards the $0.1137 mark, which is where the upper resistance lies for this trade setup.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.