ADA Price Analysis – December 29
Should the bulls increase their momentum and push the price above the resistance level of $0.19, then, $0.21and $0.24 levels may be tested. In case the price is rejected at the $0.19 level, the price may reverse. The support level can be found at $0.16, $0.13, and $0.11 levels.
ADA/USD Market
Key Levels:
Resistance levels: $0.19, $0.21, $0.24
Support levels: $0.16, $0.13, $0.11
ADA/USD Weekly Chart Trend: Bullish
ADA is bullish in the weekly chart. Early this year, the coin was consolidating at the low price level within the $0.04 and $0.05 level. The bulls gained more momentum and the resistance level of $0.05 was broken upside and the price increases towards the $0.08 level in June, it pulled back to retest the $0.07 level. A further increase in the bulls’ pressure placed the price at $0.16 in July. The price retested the support level at $0.10 and consolidates for a few days. In November, the bulls increase their pressure and the previous high of $0.16 was retested.
At the moment, the price is breaking up the July high targeting the resistance level of $0.19. The price is trading above the 9 periods EMA and the 21 periods EMA while the two EMAs are well separate from each other to indicate strong bullish momentum. Should the bulls increase their momentum and push the price above the resistance level of $0.19, then, $0.21and $0.24 levels may be tested. In case the price is rejected at the $0.19 level, the price may reverse. The support level can be found at $0.16, $0.13, and $0.11 levels.
ADA/USD Medium-term Trend: Bullish
ADA/USD is bullish on the daily chart. The bullish pressure increases steadily and the price follows the trend. The bulls placed the price at the $0.19 level in November but could not penetrate the level; it pulls back and retests the mark thrice. It is testing the mentioned level at moment.
Cardano is trading above the 9 periods EMA and 21 periods EMA which indicates bullish momentum and that the bulls are dominating the market. The Relative Strength Index period 14 with its signal line pointing up above 60 levels connotes a buy signal and further increase in price next year.
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