Breaking out its recent rising wedge pattern, Cardano declined downed to its monthly support at $0.089 in the last week of October. While a quick recovery towards $0.10 was attained, another sell-off period led to another drawdown beyond $0.089. The consistent re-test of price support is ideally a weakening indicator of the price but ADA continues to project bullish confidence.
However, with respect to all market signs, the next 24-48 hours are going to unfold in a sideways manner for ADA. The yellow range can be decisive but the price might consolidate above $0.916.
The strong presence of the 50-Exponential Moving Average did not reduce the bearish thrust on the chart.
Market Indicators would allow an ADA optimist to remain positive. Relative Strength Index or RSI is on a bounce back after the recent drop. While MACD suggested a bullish recovery as well. A quick bearish trend was reversed as the blue line exhibited a crossover with the signal line.
Awesome Oscillator or AO is currently neutral with respect to both bullish and bearish momentum but the price is inclining the trend towards a bullish narrative. At the moment, rather than market indicators, external factors play a greater role in dictating the trend as collective momentum is pinned on Bitcoin.
Cardano’s trend can swing either side at the moment. A sideways movement can be expected over the next 24-48 hours but a major trend might unfold as the market attains more activity.
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