Cardano (ADA) Price Analysis for November 8

Cardano (ADA) Price Analysis for November 8

The cryptocurrency market has begun the new week with a sharp rise as the majority of the coins are green.

ADA/USD

The rate of Cardano (ADA) has increased by 1.05% over the past 24 hours; however, this is far less than the growth of the main crypto.

Cardano (ADA) has bounced back the EMA 55 on the hourly chart. However, the growth was not accompanied by high trading volumes, which means that if it returns to that area, there is a high chance to see a breakout.

From another point of view, the ongoing rise may continue to the nearest local resistance at $2.062, where bears might again seize the initiative.

On the 4H chart, the situation is less positive as it could not fix above the zone of $2.050. If it breaks the EMA 55, the drop may lead ADA to the zone of the most liquidity around $1.979.

Cardano (ADA) made a false breakout of the $2 vital level. At the moment, bulls keep controlling the situation on the market. If the trading volume increases, the growth may lead the altcoin to the liquidity level at $2.140.

ADA is trading at $2.031 at press time.

Source