ADA/USD Price: The support Level of $0.11 May be Reached Provided $0.13 Holds Not

9 December 2020 | Updated: 9 December 2020
 ADA Price Analysis – December 09

 Further increase in the bears’ pressure may push the price to reach the support level of $0.1; below this level is the $0.10 support level. Should the support level of $0.13 holds, then, ADA will be confronted with the resistance levels at $0.16, $0.17, and $0.19.  

 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: Bearish

 The bulls pushed up the price immediately after the breakout from the long time consolidation of Cardano price within the former resistance level of $0.11 and support level of $0.10. The price tested the resistance level of $0.17, it pulled back to retest the support level of $0.13. Last week, the bulls dominated the market again and the price could not reach the previous high but stopped at $0.16. The price action has formed a Head and Shoulder chart pattern. The price may reach the $0.11 level.  

ADAUSD Daily chart, December 09

 The 9 periods EMA and the 21 periods EMA are above the price and the former is trying to cross the later downside to establishing a downtrend. Further increase in the bears’ pressure may push the price to reach the support level of $0.1; below this level is the $0.10 support level. Should the support level of $0.13 holds, then, ADA will be confronted with the resistance levels at $0.16, $0.17, and $0.19.  

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bearish on the 4-hour chart. The price action has formed a Head and Shoulder chart pattern in 4-hour chart. The last part of the right shoulder is about to complete. The price increases to $0.16 but unable to break up the mentioned level. The bears push the price down to support level of $0.13. At the moment, the price is pulling back to retest the dynamic resistance level.

ADAUSD 4 hour chart, December 09

Cardano is trading below the 9 periods EMA and 21 periods EMA which indicates bearish momentum and that the bears are dominating the market. The Relative Strength Index period 14 with its signal line pointing up at 30 levels connotes a buy signal which may be a pullback. 

 

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Azeez Mustapha

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.