Cardano trades at $0.104 after slipping below its 100-day moving average. The direction from here hinges on whether bulls can fight back. Two barriers block a path higher. The first is the 100-day li
Cardano trades at $0.104 after slipping below its 100-day moving average. The direction from here hinges on whether bulls can fight back.
Two barriers block a path higher. The first is the 100-day line itself. The second is the horizontal resistance at $0.114, which has stopped rallies since October 12. Breaking both opens a move toward $0.12, the psychological level, with $0.13 as a target further ahead.
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The price tested $0.114 twice in the past 30 days—October 22 and November 7—and retreated both times. The key test is whether the price holds above the 50-day and 200-day moving averages. If it does, a climb back to $0.108 signals strengthening demand. A break below $0.098 would accelerate selling pressure.
Downside risks have two critical levels. The first is $0.098, where the price bounced this past weekend. Below that sits the 200-day average at $0.102. If sellers break through that level, $0.100 and the November 3 low of $0.88 come into play.
On the 4-hour chart, the RSI and MACD show bullish divergence. If this pattern holds, bulls target $0.114 next, then the $0.12 breakout level, and finally $0.13.
Analysts forecast Bitcoin will retest below $16,000 before climbing to new 2020 highs. Ethereum bulls are eyeing $500 near term, with some forecasting a jump to $800 after the Beacon Chain launches in December.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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