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Cardano (ADA) Price Analysis for November 10

Thu, 11/10/2022 - 22:00
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Denys Serhiichuk
Is Cardano (ADA) ready to grow from current levels?
Cardano (ADA) Price Analysis for November 10
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The cryptocurrency market might have reached the oversold zone, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

ADA/USD

Cardano (ADA) has followed the bounce back of most of the other coins, going up by 2.88%.

ADA/USD chart by Trading View

On the local time frame, Cardano (ADA) has found the local bottom at $0.31, followed by its false breakout. Thus, the rate has also broken the resistance at $0.3586, which means there is a high possibility of a further rise tomorrow if sellers do not seize the initiative.

ADA/USD chart by Trading View

From the technical point of view, Cardano (ADA) is trading similarly to Ethereum (ETH) as the bar is also about to close higher than yesterday's peak at $0.3766. In this regard, the correction may continue to $0.40, where buyers might face the first resistance.

ADA/BTC chart by Trading View

On the daily time frame against Bitcoin (BTC), Cardano (ADA) might start to realize the accumulated energy if the candle fixes above the BTC 0.00002072 mark. All in all, it might be a prerequisite for a midterm rise to the closest resistance level at BTC 0.00002214.

ADA is trading at $0.3767 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.