ADA Daily Trading Signals: October 17

Dominant bias for CARDANO (ADA) – Ranging

Resistance Levels –  $0.08000, $0.08400, $0.08600

Support Levels -$0.07000, $0.06800. $0.06600

Cardano is in a range-bound market in its medium-term outlook.  $0.07450 in the support area was the low the bears’ pressure weakens as the bulls stage a comeback before the end of trading session. The bullish pressure was strong despite the bearish 4-hour opening candle as ADAUSD was up $0.7908 in the resistance area and closes with a wick which was an indication of exhaustion thereby setting the bears up for a return.

Price was down to $0.07629 in the support area as the bears exert pressure on the cryptocurrency. The 200 EMA was a strong resistance while the 10 EMA was a strong support as price revolves within them which is a reflection of the consolidation scenario.

The stochastic oscillator is at 35% and its signal is in a parallel line. This connotes equal momentum of the bulls and the bears existed in the market which put ADAUSD in the range.

ADA is in consolidation and trading between $0.08000 in the upper resistance area and at $0.07000 in the lower supply area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required to allow either to happen before taking a position with good reversal candles as confirmation.

Azeez Mustapha @ItuGlobal

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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