Cardano Price Awaiting a Fresh Breakout

ADA Price Analysis – March 09

Should the buyers gain enough momentum and the daily candle closes above $1.2 level, ADA/USD may increase to $1.4 – $1.6 levels. In case the sellers defend the $1.2 level, the bears’ pressure may likely reduce the price.

ADA/USD Market

Key Levels:

Resistance levels: $1.2, $1.4, $1.6

Support levels: $1.1, $0.8, $0.7

ADA/USD Long-term Trend: Bearish

ADA/USD is exhibiting a range-bound movement within $1.1 and $1.2 price level last week. The buyers gathered enough momentum to break up the resistance level of $1.1 and $1.2 on February 25; this is seen on the daily chart with the formation of strong bullish candles. The resistance level of $1.4 was tested many times but rejected by the bears’ pressure. It is currently ranging within the $1.2 and $1.1 price levels.

The coin is trading in between the 9 periods EMA and 21 periods EMA as a sign of ranging market. Should the buyers gain enough momentum and the daily candle closes above $1.2 level, ADA/USD may increase to $1.4 – $1.6 levels. In case the sellers defend the $1.2 level, the bears’ pressure may likely reduce the price. However, the next support levels can be found at $1.1, $0.8, and $0.7. The technical indicator RSI is above 50 levels with the signal line parallel to the level which indicates that consolidation is in progress.

ADA/USD Medium-term Trend: Ranging

Cardano is on the ranging mode in a 4-hour chart. The crypto is range-bound within the resistance level at $1.2 and the support level at $1.1; this scenario commenced on March 05 when the coin tested the resistance level of $1.2 and the level hold the price. Many attempts were made by the bulls to break up the resistance level of $1.2 but the bears were defending the level.

The two EMAs are interlocked to each other and the price is hovering over the 9 periods EMA and 21 periods EMA as a sign of consolidation while the relative strength index period 14 is at 50 levels and the signal line showing sell direction.