Cardano bullish fury, has not made any significant corrections within the course of the price increase for three weeks. We are now in resistance, but the market does not seem scared.
Quotes from gimbal (ADA) they are enjoying a magnificent rally against the US dollar, which continued from a relative low since October 19 to 0.2392. Over the past 21 days, the rally has reached a total extension of +61.63%, pushing to yesterday’s (November 9) highs recorded at 0.3867. These are the highest ratings seen on Cardano since May 6.
We suggest the attached Cardano historical chart, where each of the candles represents a quarter of an oscillation. We see how, starting from the second quarter of 2022, two long-term resistances have formed. The first of these, located in the area between 0.3780/0.3910, is under bullish pressure during these hours.
Obviously, we can’t get any clues yet from the current candle, which won’t be completed until the end of the year. We will then move on to study the lower time scale chart to see if this resistance could create problems for the continuation of the rise.
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Let’s look at the intraday scan chart, with 30-minute bars, to fully understand the bullish dynamics that have developed since the middle days of October. In that period, the market last intercepted the support range which, with our latest analysiswe indicated between 0.2400 and 0.2310.
The sudden reaction that followed projected values well above the old main target of 0.2694, which very quickly more than doubled in price. At the same time, buyers positioned themselves at new support levels visible at 0.3540/3574 and 0.3315/3365.
The resistances that prevent the passage of the bullish flow in this phase are set at 0.3762/3784 and 0.3912/3952. We consider the area of stabilization to be the entire space between supports and resistors. We believe that, at least from a technical perspective, the market needs to “ventilate” at this stage in order to lay the foundations for the next increases.
Supports will represent places where buying is likely to resume in the event of a stall. The expected consolidation should be functional until the first extension to 0.4172/4226, the level from which it will then be necessary to wait for signals. We can start by saying that, in case of further extensions, we should turn our attention to the immediate higher check point, which is located no earlier than 0.4734/4758.
To know more about the working dynamics of the signals exposed here, we have made a large section available on the website –a guide to technical analysis, completely free for our readers. We issue updated information about Cardano and all other most interesting cryptocurrencies daily official Telegram channel. Although it is Friday November 10th 19:52, ADA is still trading the world’s best stock exchanges to $0.3729, up +1.18% on a daily basis.