FxNews—Cardano trades in a bull market above the 50- and 100-period simple moving averages. The bears tested the $0.347 immediate support in today’s trading session, an expected decline, which the Stochastic overbought signal warned.
As of this writing, the ADA/USD crypto pair trades at approximately $0.355, trying to resume its bullish trajectory. The 4-hour price chart below demonstrates the price, support, and resistance levels and technical indicators utilized in today’s analysis.
Cardano Technical Analysis – 30-October-2024
The Stochastic Oscillator is still above 80, meaning Cardano is overpriced despite the recent correction. On the other hand, the Awesome Oscillator histogram is green, above the signal line, which indicates that the bull market should prevail.
The resistance area expands from $0.342 to $0.339, coinciding with the Fair Value Gap. The market outlook remains bullish as long as ADA/USD trades above this critical resistance. These levels provide a decent entry point for retailers to join the bull market.
On the other hand, If ADA/USD exceeds $0.358 (immediate resistance), the uptrend will likely resume. In this scenario, the next bullish target could be the October 21 high at $0.372.
Bearish Scenario
The bullish outlook should be invalidated if the price falls below the $0.339 support. If this scenario unfolds, the downtrend could extend to $0.33, followed by $0.322.
Cardano Support and Resistance Levels – 30-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 0.347 / 0.338 / 0.33
- Resistance: 0.358 / 0.372
