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ADA Daily Price Signals: October 18

ADA Price is above the two EMAs an indication of bullish pressure with the stochastic oscillator in the overbought region at 83% and its signal points up.
ADA Price is above the two EMAs an indication of bullish pressure with the stochastic oscillator in the overbought region at 83% and its signal points up.

Dominant bias for CARDANO (ADA) – Bullish

Resistance Levels-  $0.08800, $0.09000, $0.09200

Support Level-$0.07000, $0.06800. $0.06600

 

ADA is in a bullish trend.  The strong bullish pressure after the doji formation at $0.7797 in the support area signaled the bulls returned. Confirmation to the bulls’ takeover was seen as the next 4-hour candle closed as bullish engulfing above the 200EMA. ADAUSD was up $0.07963 in the support area. Increased bullish momentum led to the break of $0.08000 in the upper resistance area of yesterday analysis. $0.08154 was the high of the day as the bulls show exhaustion with a wick at the candle. A pullback to the broken area was necessary for the market correction and also a retest. These guarantee uptrend continuation as the bulls may come back much stronger.

 

ADA 4-hour chart
ADA 4-hour chart

 

ADA Price is above the two EMAs an indication of bullish pressure with the stochastic oscillator in the overbought region at 83% and its signal points up. ADA may witness an upward price movement as the bullish momentum increase.

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Written by Azeez Mustapha

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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