ADA/USD Price May Reverse at $1.46 Resistance Level

ADA/USD Price May Reverse at $1.46 Resistance Level

ADA Price Analysis – March 02

Should the bears further increase their momentum and push the price to the support level of $1.11, then, $0.98 level may be tested. In case the price is rejected at the $1.23 level, the price may continue bullish movement. The resistance level can be found at $1.46, $1.68, and $1.76 levels.

ADA/USD Market
Key Levels:

Resistance levels: $1.46, $1.68, $1.76

Support levels: $1.23, $1.11, $0.98

ADA/USD Long-term Trend: Bullish

ADA is bullish in the long-term outlook. The crypto has been under the control of the buyers for many days. The price has been making higher highs after the breakout that took place on February 05. The bulls gained enough momentum to break up the resistance level of $0.98 tested $1.11 level and pulled back on February 23. Further increase in the bulls’ pressure penetrates $1.11, and $1.46 level is tested. The Cardano is pulling back towards $1.11 level.

ADAUSD Daily chart, March 02

The price is trying to break down the 9 periods EMA and the 21 periods EMA while the former remains above the later. At the moment, the price is trading above the two EMAs at close contact which indicates a weak bullish movement in the ADA market. Should the bears further increase their momentum and push the price to the support level of $1.11, then, $0.98 level may be tested. In case the price is rejected at the $1.23 level, the price may continue bullish movement. The resistance level can be found at $1.46, $1.68, and $1.76 levels.

ADA/USD Medium-term Trend: Bearish

ADA/USD is bearish on the 4-hour chart. The bullish pressure could not withstand the resistance level at $1.46. There was a short period of consolidation but the bears eventually prevailed. The price descended towards the support level of $1.23 where it commences ranging movement. There is a probability that the price will decrease to the support level at $0.98.

ADAUSD 4- hour chart, March 02

Cardano is trading below the 9 periods EMA and 21 periods EMA which indicate bearish momentum and that the bears are dominating the market. The Relative Strength Index period 14 with its signal line pointing down around 40 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.