FxNews—Cardano‘s downtrend eased when the price tested the October 3 low at $0.331. Consequently, the price bounced from this point, testing the 50-period simple moving average at $0.3425 as resistance in today’s trading session.
The 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators utilized in today’s analysis.
Cardano Technical Analysis – 11-October-2024
The primary trend is bearish because Cardano’s value is below the 50- and 100-period simple moving averages. Furthermore, ADA/USD is below the descending trendline, making the bear market look more robust.
Despite the price action signals from the moving averages and the trendlines, other technical indicators show bullish momentum, which could cause the Cardano price to erase more of its losses by jumping above the 50-period SMA.
- The Awesome oscillator bars are green, approaching the signal line from below. Additionally, the histogram signals divergence, which could lead to a trend reversal.
- The Stochastic oscillator stepped away from oversold territory, depicting 34 in value and rising, meaning the bull market is gaining more momentum.
- The Relative Strength Index indicators are about to flip above the median line, showing the bear market weakens.
Cardano Price Forecast – 11-October-2024
The immediate resistance rests at $0.37, or the 50-period SMA. If ADA’s value exceeds the immediate resistance, the bullish wave from $0.331 can potentially extend to the 100-period SMA at approximately $0.364, a demand zone backed by the October 7 highest closed price.
Furthermore, if the buying pressure exceeds $0.364, the bulls’ path to the next resistance level, $0.377, the September 26 low, will likely be paved.
Cardano Bearish Scenario
Immediate support lies at $0.331. If bears (sellers) push the Cardano price below this support, the downtrend from $0.364 can potentially extend to the September 2024 low at $0.304.
Please note that the bear market invalidates if the price exceeds the 50-period simple moving average.
Cardano Support and Resistance Levels – 11-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: $0.331 / $0.326 / $0.304
- Resistance: $0.347 / $0.364 / $0.377
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
