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Cardano Analysis – November-14-2023

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Cardano price experienced a notable drop from the 0.653 resistance level. Currently, ADAUSD hovers near the 0.6351 pivot point. In the daily chart, a hammer candlestick pattern emerged right at this pivot, hinting at a potential halt to the recent downturn.

Cardano Analysis - November-14-2023

Cardano Technical Analysis – Daily Chart

For deeper insights, we turn to the 4-hour chart. Here, ADAUSD breached the 61.8% Fibonacci retracement level. With the pair in a bearish flag pattern, the next downward target looms at the 78.6% Fibonacci level.

Cardano Technical Analysis

Cardano Technical Analysis – 4H Chart

However, there’s a twist. Should the bulls break free from this bearish flag and secure the price above the 50% Fibonacci mark, Cardano could reignite its ascent. Initial targets? A climb to 0.646, with eyes on the November high of 0.652.

Stay tuned for more updates on ADAUSD’s dynamic journey with FxNews.

  • 14 November 2023
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