Cardano Price Prediction: Today’s ADA Price, 9th Nov 2022

Cardano Price Prediction

The ninth-largest cryptocurrency has a bullish short-term view that may lay the groundwork for a good long-term trend. The Super Trend indicator has provided a buy signal on the daily chart below, encouraging retail and sidelined investors to enter the market in anticipation of a significant upward movement.

Similar to a moving average, the Super Trend indicator overlays the chart and measures market volatility using average true range (ATR) data. As seen in the daily chart below, a daily closure below the Cardano price flashes a buy signal. Up until the Super Trend indicator switches above it to indicate a sell signal, ADA will likely remain in the bulls’ possession.

Both the Directional Movement Index (DMI) and the Moving Average Convergence Divergence (MACD) indicators show promise. If the MACD continues to trade above the mean line, traders may keep long positions.

The 12-day Exponential Moving Average (EMA) (in blue), positioned above the 26-day EMA, epitomises the optimistic view for the ADA price (in red). The DMI indicator exhibits a similar upbeat outlook as evidenced by the -DI line (in blue) passing over the +DI.

It is important to note that Cardano bulls are prepared to support price growth to the upside, which will be supported by the V-shaped pattern. After a protracted decline, this very bullish pattern emerges.

Buyers flood the market as overhead pressure eases, bringing the asset back to the level where the V-shaped pattern first appeared.

Also Read

BTC Price Prediction: Today’s Bitcoin Price, 9th Nov 2022

All of the major cryptocurrencies are on a sharp downward trend as...