ADA/USD May Reverse at $0.16 Resistance Level

ADA Price Analysis – December 15

 Should the bulls increase their momentum and push the price above the resistance level of $0.16, then, $0.17 and $0.19 may be tested. In case the price is rejected at the $0.16 level, price consolidation may commence. The support level can be found at $0.13, $0.11, and $0.10 levels

 ADA/USD Market

 Key Levels:

 Resistance levels: $0.16, $0.17, $0.19

Support levels: $0.13, $0.11, $0.10

 ADA/USD Long-term Trend: Bullish

 ADA is bullish in the long-term outlook. The currency pair was bearish last week heading towards the $0.13. The mentioned level rejected the price decrease and started changing direction towards the dynamic resistance level, the dynamic barrier level has been penetrated upside. The coin is aiming at the resistance level at $0.16.  

The 9 periods EMA is above the 21 periods EMA and the price is trading above the two EMAs which indicates a bullish movement in the ADA market. Should the bulls increase their momentum and push the price above the resistance level of $0.16, then, $0.17 and $0.19 may be tested. In case the price is rejected at the $0.16 level, price consolidation may commence. The support level can be found at $0.13, $0.11, and $0.10 levels.

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bullish on the 4-hour chart. The price bounced at the support level of $0.13 with the formation of the bullish engulfing candle on December 09. The price steadily increases towards the resistance level of $0.16. It looks like the bullish strength is getting weak, therefore, the bears may take over in case the resistance level of $0.16 hold.

Cardano is trading between the 9 periods EMA and 21 periods EMA which indicates weak bullish momentum and that the bears are gradually increasing in the market. The Relative Strength Index period 14 with its signal line pointing down at 50 levels connotes a sell signal which may be a pullback.