ADA/USD trades in ascending channel
On November 4, the price for Cardano confirmed the existence of a channel-up pattern. Namely, one can draw the pattern by connecting the October 28 and November 3 high levels as resistance and the October 27 and November 4 low levels as support. The pattern has been guiding the rate's recovery since the drop on October 27.
In the case that the rate continues to surge in the borders of the channel pattern, it could face the resistance of the 200-period simple moving average near 2.0860. Above the SMA, the November 3 high level at 2.1280 might act as resistance.
Meanwhile, a potential decline would have to first pass the support of the 50-4 hour simple moving average before testing the support of the channel-up pattern.
BAT/USD finds support in SMA
The price for the Basic Attention Token has been declining supported by a descending trend line. Most recently, the support of the 50-4 hour period simple moving average approached the trend line.
It caused a surge, which could encounter resistance at 1.0750. Near that level, a potential upper trend line of a channel down pattern is located. The channel is drawn by connecting the November low levels and setting the upper trend line at the November 2 high level.
If the BAT/USD pair passes the resistance of the channel down pattern, the pair could aim at the November 2 high level at 1.1096.
On the other hand, a potential decline would find support in the 50-period SMA near 0.9520. Below the SMA, the lower trend line of the channel pattern could provide support. In addition, the October 29 high levels might act as support.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
AUD/USD struggles near multi-month low; looks to US CPI for fresh impetus
AUD/USD languishes near a multi-month low during the Asian session on Wednesday and seems vulnerable amid a bullish USD. Expectations that inflationary import tariffs from US President-elect Donald Trump will push up prices and limit the scope for the Fed to cut rates remain supportive of elevated US bond yields.
USD/JPY sits near its highest level since July, close to 155.00 as traders await US CPI
USD/JPY stands firm near its highest level since July 30 amid speculations that a fragile minority government in Japan will make it difficult for the BoJ to tighten its monetary policy further. Moreover, fears that US President-elect Donald Trump might again hit Japan with protectionist trade measures continue to undermine the JPY.
Gold price oscillates around $2,600, just above a nearly two-month low ahead of US inflation
Gold price consolidates its recent heavy losses to the lowest level since September 20 as bears opt to pause for a breather ahead of the crucial US CPI report, which will influence Fed rate-cut expectations and provide a fresh impetus.
Ripple could rally 50% following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. XRP could rally nearly 50% if it sustains a firm close above the neckline resistance of an inverted head and shoulders pattern.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.