ADA/USD Breaks up Resistance Level at $0.24, Heading Towards $0.27

ADA/USD Breaks up Resistance Level at $0.24, Heading Towards $0.27

ADA Price Analysis – January 05

Should the bulls further increase their momentum and push the price to the resistance level of $0.27, then, $0.34and $0.38 may be tested. In case the price is rejected at the $0.27 level, the price may reverse. The support level can be found at $0.24, $0.21, and $0.19 levels.

ADA/USD Market
Key Levels:

Resistance levels: $0.27, $0.34, $0.38

Support levels: $0.24, $0.21, $0.19

ADA/USD Long-term Trend: Bearish

ADA is bullish in the long-term outlook. The price is rejected at the support level of $0.13, it reverses and the bulls gained enough momentum to break up the resistance level of $0.16 tested $0.19 level and pulled back on December 30. Further increase in the bulls’ pressure penetrates $0.21, and $0.24. The Cardano is exposes to the resistance level at $0.27.

ADAUSD Daily chart, January 05

The price is broken up the 9 periods EMA and the 21 periods EMA while the former is above the later. At the moment, the price is trading above the two EMAs which indicate a strong bullish movement in the ADA market. Should the bulls further increase their momentum and push the price to the resistance level of $0.27, then, $0.34and $0.38 may be tested. In case the price is rejected at the $0.27 level, the price may reverse. The support level can be found at $0.24, $0.21, and $0.19 levels.

ADA/USD Medium-term Trend: Bullish

ADA/USD is bullish on the 4-hour chart. The resistance level at $0.19 could not oppose the bulls’ pressure, the price increase towards the resistance level of $0.21 and consolidates for some days. The bulls increase their momentum and push it to break up the resistance level of $0.24 and the price is increasing towards the resistance level of $0.27.

ADAUSD 4 hour chart, January 05

Cardano is trading above the 9 periods EMA and 21 periods EMA which indicates strong bullish momentum and that the bulls are dominating the market. The Relative Strength Index period 14 with its signal line pointing up above 70 levels connotes a buy signal.

 

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.