ADA/USD Price; Will Resistance Level of $0.43 Holds?

ADA/USD Price; Will Resistance Level of $0.43 Holds?

 ADA Price Analysis – February 02

Should the bulls further increase their momentum and push the price to break up the resistance level of $0.43, then, $0.50 and $0.59 may be tested. In case the price is rejected at the $0.43 level, the price may reverse. The support level can be found at $0.38, $0.33, and $0.27 levels.

 ADA/USD Market
 Key Levels:

Resistance levels: $0.43, $0.50, $0.59

Support levels: $0.38, $0.33, $0.27

ADA/USD Long-term Trend: Bullish

ADA is bullish in the long-term outlook. The coin remains under the control of the bulls when it started a few weeks ago. The bulls pushed the price to reach the resistance level of $0.38. The price is rejected at the resistance level of $0.33, it pulls back to retest the support level of $0.24. The bulls picked up the price and pushed it up to the $0.38 level, it pushes back to retest the $0.33 level. Yesterday, another strong bullish daily candle emerges and broke up the resistance level of $0.38 to test the resistance level of $0.43.

ADAUSD Daily chart, February 02

The price has broken up the 9 periods EMA and the 21 periods EMA while the price is trading above the two EMAs which indicates an increase in the bullish movement in the ADA market. Should the bulls further increase their momentum and push the price to break up the resistance level of $0.43, then, $0.50 and $0.59 may be tested. In case the price is rejected at the $0.43 level, the price may reverse. The support level can be found at $0.38, $0.33, and $0.27 levels.

 ADA/USD Medium-term Trend: Bearish

 ADA/USD is bullish on the 4-hour chart. The resistance level at $0.38 has been withstanding the pressure of the bulls for many weeks in the 4-hour chart. Yesterday, the bulls gained more momentum and break up the resistance level of $0.38. The price increases and reached the $0.43 price level. The bears are defending the resistance level of $0.43 with the formation of the Doji candle at $0.43. 

ADAUSD 4-hour chart, February 02

 Cardano is trading above the 9 periods EMA and 21 periods EMA which indicates an increase in bullish momentum. The Relative Strength Index period 14 with its signal line pointing down at 80 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.