ADA/USD Breaks Critical Resistance Level at $0.10, Heading Towards $0.11

ADA/USD Breaks Critical Resistance Level at $0.10, Heading Towards $0.11

ADA Price Analysis – October 13

 The price may reach the resistance level at $0.15 provided the resistance levels at $0.11 and $0.13 are penetrated by the bulls. The demand levels to watch in case the price reverse are $0.10, $0.08, and $0.07

 ADA/USD Market
 Key Levels:

 Resistance levels: $0.11, $0.13, $0.14

Support levels: $0.10, $0.08, $0.07

 ADA/USD Long-term Trend: Bullish

 ADA price closed below the former resistance level at $0.10 last week. The buyers gather enough momentum to penetrate the resistance level at $0.10 on October 09. More daily bullish candles were produced which implies an increase in the bulls’ momentum. The price increases towards the resistance level at $0.11.

ADAUSD Daily chart, October 13

 The price is carrying out a pullback at the moment which is a normal phenomenon in a trending market. The 9 periods EMA had crossed the 21 periods upside as an indication of a bullish trend. The price is trading above the two EMAs. The price may reach the resistance level at $0.15 provided the resistance levels at $0.11 and $0.13 are penetrated by the bulls. The demand levels to watch in case the price reverse are 40.10, 40.08, and $0.07. However, the relative strength index period 14 is bending down at 60 levels which indicates a sell signal which may be a pullback. 

 ADA/USD Medium-term Trend: Bullish

 On the 4-hour chart, ADA/USD is bullish. Cardano price broke up the resistance level $0.10 and it started making higher highs and high lows movement towards the resistance level at $0.1. The coin is pulling back currently before it continues bullish movement.

ADAUSD 4-hour chart, October 13

 The Relative Strength Index period 14 with its signal line around 50 levels displaying a sell signal which may be a pullback. Further price increase is envisaged.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.