Shop Sephari

Akash Girimath Akash Girimath
FXStreet

Cardano price is in a delicate place after its volatile move over the last 24 hours. Investors need to be cautious of entering the market late and getting trapped. A better plan would be to wait for ADA to pull back to critical levels. 
Cardano price rallied 12% on October 26 and shattered through two crucial hurdles – the lower limit of the $0.380 to $0.609 range and the 30-day Exponential Moving Average (EMA) at $0.393. This move indicates the resurgence of bullish momentum and will likely propel ADA higher in the coming days.
While the outlook is bullish, no doubt, market participants need to be patient and wait for a pullback. As ADA trades between the 30-day and 100-day EMAs at $0.393 and $0.413, respectively, investors need to pay close attention to Bitcoin.
A retracement for the big crypto would translate to a breakdown of the $0.393 level for Cardano price and would be followed by a retest of the $0.380 or $0.372 support levels. Accumulating ADA at these levels would provide a better risk-to-reward ratio. 
The targets, however, would include $0.434, but a flip of this level would allow Cardano price to surge higher and revisit the 100-day EMA at $0.458 and 50% Fibonacci retracement level at $0.494.
In total, investors could expect a 32% run-up for Cardano price after a retracement to $0.372.
ADAUSDT 1-day chart
ADAUSDT 1-day chart
While things are looking up for Cardano price, a breakdown of the $0.372 support floor will indicate that the buyers are not committed. Such a development could lead to a daily candlestick close below the $0.348 level, which would create a lower low and invalidate the bullish thesis for the so-called “Ethereum-killer.”
This development could see Cardano price potentially develop a double bottom at October 21 swing low at $0.329 and attempt a recovery rally.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Bitcoin price was primed to book nearly 10% on Monday. BTC price left traders behind with only a 2% slim gain for the day as markets remained nervous. 
Luna Classic price is attempting to recover the losses it observed following the broader market crash caused by FTX’s collapse. The altcoin is looking to retest the resistance of $0.000200 but might note some obstruction in its attempts at doing so.
Binance’s Vice President of government affairs in Europe, Daniel Trinder, was questioned over Biannce’s selling of FTT tokens. Trinder stated that Binance would provide evidence pertaining to the potential acquisition of FTX.
Cardano price shows a resurgence of bullish sentiment that is attempting to overcome a significant hurdle. If successful, ADA can trigger a massive run-up to the ongoing range’s upper limit. 
Bitcoin price reveals that its quick recovery rally is coming to an end as it faces a critical hurdle. This development has pushed BTC to slide lower and could result in a consolidative structure over the next few days.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source

Shop Sephari

Leave a Reply