Analysis of TRX and ADA as of November 16, 2018

Cardano price fell significantly and was trading below the support levels at $0.0700 and $0.065. The bearish run of ADA/USD to the 1.5 mark continues. Over the past week, the price of TRX fell by 17%.

ADA/USD

On the chart we see that the price of ADA has recovered after the fall to $0.0580. Despite this, at the moment the price cannot break through the resistance levels at $0.0640 and $0.0650. If buyers are unable to push the price above $0.0650 or $0.0675, the price may fall below $0.0620 and $0.0600.

Hourly MACD has almost returned to the bearish zone.

Hourly RSI - the relative strength indicator of ADA/USD is below 50.

The main support level is - $0.0620

The main resistance level is $0.0650

TRX/USD

Weekly chart

Over the past week, the price of TRX has fallen by 17%. Despite this, on the weekly chart the bears were still unable to sell the price below the key support level. As mentioned in our previous analysis, conservative traders should then initiate shorts as soon as there is a break below the September lows at 1.5 cents. 

Daily Chart

In our TRX/USD trading plan, we mentioned how important it is for the bulls to close the price above the 3 cent resistance level. However, this did not happen, and since the bears have pushed the price below the trend support level, we advise aggressive traders to sell with stops at 2.3 cents with the first targets at 1.5 cents. Further losses in value will see bears target the January 24 low.

According to newsbtc.com