ADA/USD Price: Will Cardano Price Break up $0.11 Resistance Level?

ADA/USD Price: Will Cardano Price Break up $0.11 Resistance Level?

ADA Price Analysis – October 20

 Should the price test the resistance level at $0.11 and the daily candle close above it, then, $0.13 and $0.14 resistance levels may be tested. The inability to break up the $0.11 level by the bulls may trigger the bears to take over the ADA market.

 ADA/USD Market
 Key Levels:

 Resistance levels: $0.11, $0.13, $0.14

Support levels: $0.10, $0.08, $0.07

 ADA/USD Long-term Trend: Bullish

 The bulls are maintaining their bullish position in the ADA market. There are low volatility and low bullish momentum and that is why there was no significant difference in the last week’s market. ADA price observed a price retracement towards the dynamic support levels, the level prevents further price reduction. The price is slowly increasing towards the resistance level of $0.11. 

ADAUSD daily chart, October 20

Cardano price continues trading above the 9 periods EMA and 21 periods EMA as a symbol of the bullish movement. The bulls may dominate the ADA market further as the moving averages are steep at an angle of 45 degrees with the formation of bullish candles. Should the price test the resistance level at $0.11 and the daily candle close above it, then, $0.13 and $0.14 resistance levels may be tested. The inability to break up the $0.11 level by the bulls may trigger the bears to take over the ADA market. Meanwhile, the relative strength index period 14 is at 60 levels and the signal line pointing down to indicate sell signal.

 ADA/USD Medium-term Trend: Bullish

 ADA/USD is bullish on the 4-hour chart. After the breakup of the $0.10 resistance level, the price steadily increases towards the $0.11 resistance level. The price pulls back to the dynamic support level and it is consolidating around the dynamic levels.  

ADAUSD 4hour chart, October 20

The Relative Strength Index period 14 with its signal line at 50 levels bending down to indicate sell signal. The price may increase further after the pullback.

 

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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.