ADA/USD Price; Bears May Defend Resistance Level at $0.73

ADA/USD Price; Bears May Defend Resistance Level at $0.73

ADA Price Analysis – February 09

The inability to break up the resistance level of $0.73 by the bulls will result in price declination towards the support level at $0.59, $0.50, and $0.43 level. The breakup at the $0.73 price level will push the price to $0.83 and $0.98 level

 Key Levels:

 Resistance levels: $0.73, $0.83, $0.98

Support levels: $0.59, $0.50, $0.43

 ADA/USD Long-term Trend: Bullish

 ADA is bullish in the long-term outlook. The crypto moves beyond the predicted level last week. It was predicted that a further increase in the bulls’ pressure may break up the former resistance level of $0.43. The bullish pressure was stronger than expected and the former resistance level of $0.50 and $0.59 was penetrated and the resistance level of $0.73 is tested. 

ADAUSD Daily chart, February 09

The 9 periods EMA remains above the 21 periods EMA. It has broken up the 9 periods EMA and the 21 periods EMA while it is trading above the two EMAs which indicates an increase in the bullish movement in the ADA market. The inability to break up the resistance level of $0.73 by the bulls will result in price declination towards the support level at $0.59, $0.50, and $0.43 level. The breakup at the $0.73 price level will push the price to $0.83 and $0.98 level.

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bullish on the 4-hour chart. The price broke out at the former resistance level of $0.43 and the price soared to break up the $0.50, $0.59, and increases towards the resistance level of $0.73. It seems the bulls are getting tired and that is why the momentum is becoming weak at the $0.73 level.

ADAUSD 4-hour chart, February 09

 Cardano is trading above the 9 periods EMA and 21 periods EMA at close range which indicates that the bulls are holding the ADA market. The Relative Strength Index period 14 with its signal line pointing down at 70 levels connotes a sell signal. 

 

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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.